Lowest read since May and the severe bad weather is blamed. The number drops below 50 where builders view the market as poor.
“Clearly, constraints on the supply chain for building materials, developed lots and skilled workers are making builders worry,” said NAHB Chief Economist David Crowe. “The weather also hurt retail and auto sales and this had a contributing effect on demand for new homes.”
- Sales conditions fell to 51 from 62 prior
- Expectations down to 54 from 60 and a 9 month low
- Prospected buyer traffic down 9 points to 31
Just like other housing market data we’ve been pointing out over the last few months this one is starting to show signs of a downward trend now rather than a one off blip.
US NAHB housing index
An interesting comment from NAHB chairman Kevin Kelly who said;
“Significant weather conditions across most of the country led to a decline in buyer traffic last month. Builders also have additional concerns about meeting ongoing and future demand due to a shortage of lots and labor.”
Given the amount of people still unemployed a labour shortage shouldn’t be problem should it?