With no clear end in sight to high home prices and supply-chain struggles, home-building firms are growing increasingly concerned about the state of the housing market.
The numbers:
Index readings over 50 are a sign of improving confidence. Last year, the index quickly dropped below 50 in April and May as the pandemic began, but confidence rebounded as many Americans opted to resume their search for a new home last summer. “ ‘Buyer traffic has fallen to its lowest reading since July 2020 as some prospective buyers are experiencing sticker shock due to higher construction costs.’ ”
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