Homebuilder confidence drops for the first time in four months

By Diana Olick | CNBC

Builders in the single-family housing market are facing growing expenses, which is causing a turnaround in sentiment to start the year.

Builder confidence fell one point to 83 in January, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). Anything above 50 is considered positive, but that is the first drop in four months. The index also stood at 83 in January 2021.

“Higher material costs and lack of availability are adding weeks to typical single-family construction times,” said NAHB Chairman Chuck Fowke, a homebuilder from Tampa, Florida. “NAHB analysis indicates the aggregate cost of residential construction materials has increased almost 19% since December 2020.”

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