The National Association of Home Builders (NAHB) released data showing a decline in the Housing Market Index (HMI), falling to 32 in June, the lowest since December 2022. Economic uncertainties, elevated mortgage rates, and changing tariffs are causing buyers to hesitate. Builders are cutting prices to attract hesitant buyers as market conditions worsen in key states like Texas and Florida, where sales have slowed. NAHB forecasts continued challenges, including weakened price growth and declining resale prices, influenced by rising inventory and consumers delaying purchases due to affordability issues.
"The index of 50 or above means builder outlook is more positive than negative, but with a reading of 32, this reflects a significant lack of confidence in the market."
"Many sellers have given up hope on mortgage rates dropping and have listed their homes anyway, leading to rising inventory and hesitant buyers driven by affordability concerns."
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