Homebuilder confidence in the United States fell in July amid rising interest rates and high inflation that have slowed down sales, according to the National Association of Home Builders (NAHB).
The NAHB/Wells Fargo Housing Market Index (HMI) dropped 12 points to 55 in July, the lowest HMI reading since May 2020, according to a July 18 press release. This is also the second-largest single-month drop in the index’s history, following the 42-point drop in April 2020.
The three-month HMI moving averages of all four regions also fell, with the Northeast falling by six points, the Midwest by four points, the South by eight points, and the West by 12 points….