Strong buyer demand helped to offset supply-side challenges relating to building materials, regulation and labor as builder confidence in the market for newly built single-family homes inched down one point to 80 in July.
Chuck Fowke, chairman of the National Association of Home Builders issued a statement after the White House meeting to discuss home building material supply chain issues.
The demand to build is there, but the product supply is not, and flooring manufacturers across categories are feeling the burn, as they find ways to work around disruptions in the supply chain.
New home sales fell to the lowest pace in a year, with prices jumping 18 percent on a year-over-year basis, due to the high costs and uncertain availability of building materials, lots and labor.
