Lowest Builder Confidence Since 2014
What a difference 4 months make! In April, the National Association of Homebuilders (NAHB) recorded a Housing Market Index (aka "builder confidence") of 77.0. While that was off the recent peak, it was still higher than anything else before the pandemic going all the way back to 1998, and the 2nd highest pre-pandemic level since record keeping began in the mid 80's.
Homebuilding headwinds are well known at this point. They include things like shortages of materials and labor, but those factors alone weren't enough to put much of a dent in confidence. It wasn't until they were joined by a rapidly rising rate environment colliding with 2 years of record-setting price appreciation that confidence really began to plummet.
In and of itself, price appreciation isn't necessarily a bad
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