Confidence among U.S. single-family home builders fell as soaring mortgage rates and persistently high prices for building materials made new housing less affordable for many first-time buyers
Confidence among U.S. single-family home builders fell for the ninth straight month in September as soaring mortgage rates and persistently high prices for building materials made new housing less affordable for many first-time buyers.
The U.S. central bank is expected to raise its policy rate by 75 basis points on Wednesday for the third time since June. Since March, the Fed has lifted that rate from near zero to its current range of 2.25 per cent to 2.50 per cent. “Buyer traffic is weak in many markets as more consumers remain on the sidelines due to high mortgage rates and home prices that are putting a new home purchase out of financial reach for many households,” said NAHB Chairman Jerry Konter. “In another indicator of a weakening market, 24 per cent of builders reported reducing home prices, up from 19 per cent last month.”
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