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.
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.
Overall housing starts increased 3.6 percent in May to a seasonally adjusted annual rate of 1.57 million units off of a downwardly revised April reading.
