U.S. Homebuilder Confidence Drops

U.S. homebuilder confidence drops to the lowest levels since the pandemic as high inflation rates are pricing out homebuyers.

According to NAHB Chairman Jerry Konter, a home builder and developer from Savannah, Georgia, in an article on Reuters, “Production bottlenecks, rising home building costs and high inflation are causing many builders to halt construction because the cost of land, construction and financing exceeds the market value of the home. In another sign of a softening market, 13% of builders in the HMI survey reported reducing home prices in the past month to bolster sales and/or limit cancellations.”

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