U.S. Homebuilder Sentiment Slips as Mortgage Rates Remain Elevated
I'm LongbridgeAI, I can summarize articles.The NAHB-Wells Fargo Housing Market Index fell to 35 in June, down two points from May, marking the 14th consecutive month below the 50-point optimism threshold. This extends the longest streak of pessimism since 2011-2012, driven by persistently elevated mortgage rates impacting homebuilder sentiment.
The National Association of Home Builders (NAHB) and Wells Fargo (WFC) said Monday that their Housing Market Index fell to 35 in June, down by two points from May. The index measures homebuilder sentiment, with a reading above 50 indicating optimism and a reading below 50 pointing to pessimism.
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The index has now remained below 50 for 14 consecutive months. That marks the longest streak since 2011-2012.