On November 16, 2022, National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for newly built single family homes declined five points to 33 points in November of 2022 from 38 points in October of 2022.
The HMI component charting present sales conditions down six points to 39 points, the HMI buyer traffic lower five points to 20 points, and the HMI sales expectations index decreased four points to 31 points in November of 2022.
The three-month moving averages for regional HMI scores, South dropped seven points at 42 points, the West fell five points to 29 points, Northeast declined six points at 41 points, Midwest lost two points to 38 points in November of 2022.
NAHB Chief Economist Robert Dietz, stated “To ease the worsening housing affordability crisis, policymakers must seek solutions that create more affordable and attainable housing. With inflation showing signs of moderating, this includes a reduction in the pace of the Federal Reserve’s rate hikes and reducing regulatory costs associated with land development and home construction.”
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