Posted To: MND NewsWire
The National Association of Home Builders (NAHB) said new home builders are not losing faith in the market for new homes despite their growing concerns over the price and availability of lumber and other building materials. The NAHB/Wells Fargo Housing Market Index, a measure of builder confidence, was at 83 in May, the same level as in April. “Low interest rates are supporting housing affordability in a market where the cost of most materials is rising, ” said NAHB Chief Economist Robert Dietz. “In recent months, aggregate residential construction material costs were up 12 percent year-over-year, and our surveys suggest those costs are rising further. Some builders are slowing sales to manage their own supply-chains, which means growing affordability challenges for a market in critical need…(read more)
