For the 18th consecutive month, the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) indicates a sentiment that market conditions for new housing development are “more poor than good.” The study cites supply-side constraints like increasing materials costs, as well as mortgage rate increases and reduced consumer confidence. Additionally, the study notes that buyer traffic has plummeted to its lowest level since 2012, excluding the pandemic onset in 202. For the study and further commentary, visit this link.