On June 15, 2022, National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for newly built single family homes declined two points to 67 points in June of 2022.
The HMI component charting buyer traffic dropped five points to 48 points, the HMI present sales conditions down two points to 61 points, and the HMI sales expectations index lower one points 77 points in June of 2022.
The three-month moving averages for regional HMI scores, Northeast down one point to 71 points, Midwest decreased six points to 56 points, South lost two points to 78 points, the West fell nine points to 74 points in June of 2022.
NAHB Chief Economist Robert Dietz, stated “Residential construction material costs are up 19% year-over-year with cost increases for a variety of building inputs, except for lumber, which has experienced recent declines due to a housing slowdown. On the demand-side of the market, the increase for mortgage rates for the first half of 2022 has priced out a significant number of prospective home buyers, as reflected by the decline for the traffic measure of the HMI.”
For complete more detailed information about NAHB Builder Confidence Index for June of 2022, please HERE
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