Home builders pressed on the brakes once again last month as the cost of building supplies remained high and more prospective buyers were priced out of the market. July housing starts, a measure of new home construction, plunged 9.6% month-over-month and 8.1% from a year ago, according to the US Census Bureau. After a big drop earlier this spring, housing starts had been holding relatively steady up until last month. The National Association of Home Builders/Wells Fargo Housing Market Index is meant to gauge market conditions and looks at current sales, buyer traffic and the outlook for sales over the next six months. "Ongoing growth in construction costs and high mortgage rates continue to weaken market sentiment for single-family home builders," said Jerry Konter, a NAHB chairman and a home builder and developer from Savannah, Georgia.

Source: CNN August 17, 2022 04:05 UTC