NAHB Says Builder Confidence Back to Pre-Pandemic Levels
According to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), builder confidence in the market for newly-built single-family homes jumped 14 points to 72 in July – which the NAHB says is back to pre-pandemic levels. However, while the market is rebounding, the NAHB says higher building material prices and labor shortages continue to weigh on the industry. But, shifting demand is playing a key role:
“…the important story of the changing geography of housing demand is benefiting new construction. New home demand is improving in lower density markets, including small metro areas, rural markets and large metro exurbs, as people seek out larger homes and anticipate more flexibility for telework in the years ahead. Flight to the suburbs is real.”
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