Real Estate

Spike in lumber and land prices causes homebuilder confidence to fall

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A contractor moves roofing material on a home under construction at the Toll Brothers Cantera at Gale Ranch housing development in San Ramon, Calif.

David Paul Morris | Bloomberg | Getty Images

Just two months ago, homebuilders had never been happier. Buyer demand, driven by the pandemic-induced desire for larger newer homes in the suburbs, had homebuilder sentiment at an all-time high. Now the rising cost of getting homes built is making builders less optimistic.

Builder confidence in the market for single-family homes fell 3 points in January to 83, according to the NAHB/Wells Fargo Housing Market Index. Anything above 50 is considered positive. Two months ago, the index hit a record high…



Source cnbc.com

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