U.S. homebuilder confidence for single-family homes posted its seventh straight monthly decline in July, another sign of a weakening housing market.
FILE - Contractors stand on the roof of a house under construction in Louisville, Kentucky, on July 1, 2022. Photographer: Luke Sharrett/Bloomberg via Getty Images
The July score marked the lowest index reading since April 2020 — which was 30 — when most of the country was under some form of lockdown at the height of the COVID-19 pandemic. It also represented the largest single-month drop in the history of the HMI, except for the 42-point drop in April 2020. The survey asks respondents to rate market conditions for the sale of new homes at the present time and in the next six months — as well as the traffic of prospective buyers of new homes.
The HMI, which began in 1985, fell to a record low of 8 in January 2009. It set a record high of 90 in November 2020, statistics show. Current housing market: ‘Affordability is the greatest challenge’
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