(NAHB) The builder confidence in the US for newly constructed single-family homes plunged by two points to 77 in April. The decline was the fourth time in a row.
The fall in the builder confidence reflected concerns about rising interest rates. Home price increases and rising construction costs also dampened the sentiment.
NAHB Chairman Jerry Konter said that builders continued to report sales traffic despite low inventories in the market.
Konter said that the current sales conditions fell to the lowest since summer due to the rising mortgage rates and supply chain bottlenecks.
The NAHB chairman recommends that policymakers must take proactive measures to fix the supply chain bottlenecks to attract builders and reduce the construction cost.
US mortgage rates are currently at 5%, the highest in more than a decade, a significant jump of around 1.9 percentage points since the start of the year.
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