Builder confidence in the United States for newly-built single-family homes declined under market estimates in January, according to a report published on Tuesday by the National Association of Home Builders (NAHB).
The Housing Market Index (HMI) dropped more-than-expected 2 points to land at 82 points, according to the NAHB’s report. Future single-family sales rose slightly to 83 points, while on the other hand, present single-family sales fell to 87 points. Prospective buyers traffic stood unchanged at 72 points.
“Though builders continue to see strong buyer traffic, recent increases for material costs and delivery times, particularly for softwood lumber, have depressed builder sentiment this month,” NAHB Chairman Chuck Fowke commented in the report, adding that “policymakers must address building material supply chain issues to help the economy sustain solid growth in 2021.”
