In April, more than 10,000 NAHB members from all 50 states, the District of Columbia and Puerto Rico sent a letter to President Biden calling on the White House to take action to address the growing housing affordability crisis.
Home builders warn of current deteriorating conditions as a sharp jump in mortgage rates in March and April coupled with ongoing building material supply chain disruptions, labor shortages and high inflation drive up housing costs.
The single-family housing market continued to show signs of softening in March as permits and starts declined due to rising mortgage interest rates and ongoing supply chain bottlenecks.
Rapidly rising interest rates combined with ongoing home price increases and higher construction costs continue to take a toll on builder confidence and housing affordability.
Business remains strong for most remodelers at the beginning of 2022,, however, a few are starting to report that customers are reluctant to move forward on projects due to the delays and higher costs caused by supply chain problems.
Higher mortgage rates and construction costs pushed new home sales lower in February even as demand remains solid due to a lack of existing home inventory.
