Homebuilder sentiment dropped for the 12th straight month, as inflation, rates and construction costs stay high, the National Association of Home Builders said
The numbers: The National Association of Home Builders’ monthly confidence index fell two points to 31 in December, the trade group said on Monday.Outside of the pandemic, the December reading of 31 is the lowest level since mid-2012.
Buyers are slowly coming back to the table as mortgage rates are no longer above 7%, and home price growth is moderating. What the NAHB said: “The silver lining in this HMI report is that it is the smallest drop in the index in the past six months, indicating that we are possibly nearing the bottom of the cycle for builder sentiment,” Robert Dietz, chief economist at the NAHB, said in a statement.
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