NAHB

The nation is suffering from a housing affordability crisis and lower construction costs and increased government subsidies can ease the pain, consumers state in a National Association of Home Builders survey.

Confidence among homebuilders plummeted by the most since 2014 as the highest borrowing costs in eight years restrain demand, adding to signs of a cooling housing market that will weigh on the Federal Reserve's debate over how far to raise interest rates.

Rising home prices and climbing mortgage rates pulled down affordability to the lowest point since before the housing market crash.

New-home construction fell in September on a decline in the South that may reflect disruptions from Hurricane Florence, government figures showed Wednesday.

Confidence among homebuilders unexpectedly rose in October, registering the first gain in five months amid falling lumber prices and solid demand.

New-home construction rose more than forecast to a three-month high in August, while permits unexpectedly saw the biggest drop since February 2017, adding to signs that homebuilding is struggling to stabilize.

Confidence among homebuilders stabilized in September as demand held up and lumber prices fell, a National Association of Home Builders/Wells Fargo report showed.

As the demand for home rentals continues to rise, regulatory burdens could decrease the multifamily housing supply and drive up costs, witnesses said at a congressional hearing.

The average new home in the U.S. went for $324,467 in June, 28% more than the $254,200 price for existing homes.

Confidence among homebuilders fell to an 11-month low in August on rising construction costs and shortages of skilled labor, a National Association of Home Builders/Wells Fargo report showed.