Homebuilder sentiment dropped 5 points in August, falling to its lowest level in a year. DianaOlick reports.
The price of lumber has fallen sharply in the last few months, but apparently that has not been enough to take the pressure off homebuilders.
Of the index's three components, current sales conditions fell 5 points to 81 and traffic of prospective buyers also fell 5 points to 60. Sales expectations in the next six months were unchanged at 81. "Some prospective buyers are experiencing sticker shock due to higher construction costs," said NAHB Chairman Chuck Fowke, a homebuilder from Tampa, Florida. "Policymakers need to find long-term solutions to supply-chain issues."
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