Homebuilder sentiment falls to the lowest level in a year, due to rising construction costs pushing home prices higher.
Sentiment among single-family homebuilders dropped five points to 75 in August on the National Association of Home Builders/Wells Fargo Housing Market Index.Lumber is down 72.48% from its intraday peak of $1,711.2 on May 10.Mike Blake | Reuters
Anything above 50 is considered positive, but that is the lowest reading since July 2020. The index stood at 78 last August. More than 56% of new and existing homes sold between the beginning of April and end of June were affordable to families earning the U.S. median income of $79,900. This is down sharply from the 63.1% of homes sold in the first quarter of 2021 and the lowest affordability level since the beginning of the NAHB's revised series in the first quarter of 2012.
"While lumber prices are showing improvement, the price and availability of other building materials remain a challenge. These materials include flooring, drywall, appliances and windows, said NAHB's chief economist Robert Dietz.
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