NAHB Housing Market Index ticks down in June as mortgage rates climb

Jun. 15, 2022 10:00 AM ETBy: Max Gottlich, SA News Editor

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  • June NAHB Housing Market Index: 67 vs. 68 expected and 69 prior, marking six consecutive months of declines.
  • It's "a clear sign of a slowing housing market in a high inflation, slow growth economic environment,” said NAHB Chairman Jerry Konter.
  • “The housing market faces both demand-side and supply-side challenges,” said NAHB Chief Economist Robert Dietz. “Residential construction material costs are up 19% year-over-year with cost increases for a variety of building inputs, except for lumber, which has experienced recent declines due to a housing slowdown. On the demand-side of the market, the increase for mortgage rates for the first half of 2022 has priced out a significant number of prospective home buyers."
  • Earlier, MBA Mortgage Applications swing from all-time lows to a significant jump with rising rates.

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