Homebuilder sentiment drops to lowest level in two years as housing demand slows
Homebuilder sentiment drops to lowest level in two years as housing demand slows
Abstract
Sentiment among the nation's homebuilders fell for the sixth straight month to the lowest level since June 2020. The National Association of Home Builders/Wells Fargo Housing Market Index fell 2 points to 67 in June. The index hit 90 at the end of 2020, as the economy was grappling with shutdowns stemming from the Covid pandemic. Current sales conditions fell 1 point to 77, and sales expectations in the next six months fell two points. Anything above 50 is considered positive. The average rate on the 30-year fixed mortgage has risen sharply since the last year. In January it was right around 3.25%, and as of Tuesday it hit 6.28%, according to Mortgage News Daily.
