Builder Confidence Eases on Supply-Side Constraints
Despite strong buyer demand, builder sentiment continued to slip in February as the industry grapples with ongoing building material production bottlenecks that are raising construction costs and delaying projects.
Builder confidence in the market for newly built single-family homes moved one point lower to 82 in February, marking the second straight month that confidence levels have declined by a single point, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released today. Despite these monthly declines, the HMI has posted very solid readings at or above the 80-point mark for the past five months.