Economic Buzz: US Homebuilder Confidence Continues To Drop In August

16 Aug 2022 , 09:04 AM

A report released by the National Association of Home Builders unexpectedly showed a continued deterioration in U.S. homebuilder confidence in the month of August. The report showed the NAHB/Wells Fargo Housing Market Index dropped to 49 in August from 55 in July. With the unexpected decrease, the housing market index fell below the key break-even measure of 50 for the first time since May 2020. The unexpected decrease by the headline index came as the current sales conditions index tumbled to 57 in August from 64 in July. The traffic of prospective buyers index also slumped to 32 in August from 37 in July, while the sales expectations in the next six months index dipped to 47 from 49. Powered by Commodity Insights