The nation’s homebuilders should be ecstatic, given the supply of existing homes for sale and falling mortgage rates. Instead, they continue to be just cautiously optimistic, due to several roadblocks in their business.
Builder confidence for single-family homes rises just one point, to 65, in July, according to the National Association of Home Builders/Wells Fargo Housing Market Index.Lower mortgage rates should be helping with affordability, but apparently that's not enough.
"Builders report solid demand for single-family homes. However, they continue to grapple with labor shortages, a dearth of buildable lots and rising construction costs that are making it increasingly challenging to build homes at affordable price points relative to buyer incomes," said NAHB Chairman Greg Ugalde, a homebuilder and developer from Torrington, Connecticut.
The supply of homes for sale, which had been gaining, is now weakening again, and inventories could hit a new low in October, according to a recent report from realtor.com.
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