National Association of Home Builders (NAHB) Home Price Index

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The NAHB Housing Market Index, which measures builder confidence, fell 8 points to 69 in May, which is much worse than expectations.
Looking at the internals, it’s important to remember that a reading above 50 signals expansion, while a reading below signals contraction:
~ Current Sales: down 8 points to 78.
~ Sales Expectations: down 10 points to 63.
~ Buyer Traffic: down 9 points to 52.
These numbers are not necessarily bad, as they all still signal expansion, but the drop is significant. Builder sentiment is weakening, as their material costs are still up 19% from last year, home prices and interest rates are higher, and they still have labor issues and a big backlog.

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