Real Estate

Homebuilder confidence drops as interest rates and lumber prices rise

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A contractor works on a house under construction at the Norton Commons subdivision in Louisville, Kentucky, U.S., on Monday, March 8, 2021.

Luke Sharrett | Bloomberg | Getty Images

A monthly index measuring homebuilder confidence in the single-family housing market fell, as builders face rising interest rates and rising costs for materials, especially lumber.

The National Association of Home Builders/Wells Fargo Housing Market Index fell 2 points to 82 in March. Anything above 50 is considered positive sentiment. The index stood at 72 in March 2020 and hit a high of 90 in November.

“Though builders continue to see strong buyer traffic, recent increases for material costs and delivery times,…



Source cnbc.com

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