On May 17, 2022, National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for newly built single family homes declined eight points at 69 points in May of 2022.
The HMI component charting buyer traffic down nine points to 52 points, the HMI present sales conditions dropped eight points at 78 points, and the HMI sales expectations index fell ten points 63 points in May of 2022.
The three-month moving averages for regional HMI scores, Northeast unchanged 0 point to 72 points, Midwest decreased seven points to 62 points, South lost two points to 80 points, the West declined six points at 83 points in May of 2022.
NAHB Chief Economist Robert Dietz, stated “Building material costs are up 19% from a year ago, in less than three months mortgage rates have surged to a 12-year high and based on current affordability conditions, less than 50% of new and existing home sales are affordable for a typical family. Entry-level and first-time home buyers are especially bearing the brunt of this rapid rise in mortgage rates.”
For complete more detailed information about NAHB Builder Confidence Index for May of 2022, please HERE
Comments(4)