The NAHB Housing Market Index fell to 69 from a previous 77 and missed the consensus of 75. Bloomberg reported that this was the sharpest decline since April 2020 and marked the fifth consecutive month of declines.
The report also showed that sales expectations for the next six months declined to 63 as home builder sentiment eases
“Entry-level and first-time home buyers are especially bearing the brunt of this rapid rise in mortgage rates.” - NAHB Chief Economist
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