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)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.


Source: Mortgage News Daily