Rising interest rates and expensive building supplies are starting to cool the housing market, but construction of new U.S. homes unexpectedly climbed in August.
NAHB CEO Jerry Howard assesses the housing slowdown after homebuilder sentiment fell for the ninth straight month on 'Varney & Co.'
The increase stemmed from a jump in multifamily housing construction, evidence that rising borrowing costs combined with steep home prices are pushing potential homebuyers out of the market. Houses under construction at the Norton Commons subdivision in Louisville, Kentucky on Friday, July 1, 2022. Any reading above 50 is considered positive; prior to this year, the gauge has not entered negative territory since a brief – but steep – drop in May 2020.
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