‘Housing Recession’ Is Here as Homebuilder Sentiment Plunges: NAHB

A home for sale is seen on Dec. 8, 2020, in Orlando, Fla. Sales of previously occupied U.S. homes slowed for the fourth consecutive month in May as climbing mortgage rates and prices discouraged many would-be buyers. The National Association of Realtors said, on June 21, 2022, that existing home sales fell 3.4% last month from April to a seasonally adjusted annual rate of 5.41 million. AP Photo/John Raoux, File

Homebuilder confidence fell for the eighth straight month in August, with experts blaming elevated mortgage rates and construction expenses for the crisis.

According to data from the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), builder confidence for newly built single-family homes declined by six points, to 49, this month, the first time since May 2020 that the index has fallen below the 50 level, an Aug. 15 press release said.