BUILDER CONFIDENCE FALLS TO LOWEST LEVEL IN 16 YEARS
Concerns about rising interest rates, increased sales cancellations, and sizable inventory levels continue to negatively impact builder confidence, which declined for the fourth consecutive month in June, according to the National Association of Home Builders (NAHB). The Association’s Housing Market Index (HMI), which gauges builders’ perceptions of current and future home sales, now stands at 28, down two points from May and down 14 points from a year ago. The HMI has not fallen below 30 since February 1991. An HMI below 50 indicates more builders view sales conditions as poor versus good.