By The National Association of Home Builders
Builder confidence moved lower to start the year as affordability concerns continue to weigh heavily with buyers, and builders continue to contend with rising construction costs.
Builder confidence in the market for newly built single-family homes fell two points to 37 in January, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released today.
“While the upper end of the housing market is holding steady, affordability conditions are taking a toll on the lower and mid-range sectors,” said NAHB Chairman Buddy Hughes, a home builder and developer from Lexington, N.C. “Buyers are concerned about high home prices and mortgage rates, with downpayments particularly challenging given elevated price to income ratios.”
