A perfect storm of negative circumstances combined to slam home builder confidence in May, according to a National Association of Home Builders report this week.
Affordability challenges for buyers are growing thanks to rapidly rising interest rates, double-digit price increases for material costs and ongoing home price appreciation.
Builder confidence in the market for newly built single-family homes fell eight points to 69 in May, marking the fifth straight month that builder sentiment has declined and the lowest reading since June 2020.
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