Builder confidence unexpectedly dropped for first time this year.
What is the current state of the housing market? Lawrence Yun with the National Association of Realtors joined LiveNOW from FOX's Josh Breslow to discuss the latest.unexpectedly plunged in August for the first time this year as a spike in mortgage rates dampened consumer demand for new homes.
The National Association of Home Builders/Wells Fargo Housing Market Index, which measures the pulse of thePrior to this month, sentiment among builders had been steadily rising as limited resale inventory pushed would-be buyers to seek out new construction instead. Workers attach siding to a house at a new home construction site in Trappe, Maryland, on October 28, 2022.
The shortage of available homes began because sellers who locked in a low mortgage rate before the pandemic began have been reluctant to sell with rates continuing to hover near a two-decade-high, leaving few options for buyers. A recent report from Realtor.com showed that the number of available homes on the market in June was down more than 47% from the typical amount before the
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