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Although material cost pressures have shown some signs of alleviating, the cost to finance a home has only increased, with the national average of a 30-year fixed-rate mortgage hovering around 5.5%.
The NAHB’s Housing Market Index fell from a top 5% reading of 77 last month all the way down to a new 52-week low of 69 this month.
In spite of the report on homebuilder sentiment, homebuilder stocks, as proxied by the iShares US Home Construction ETF, are actually higher alongside the rest of the market, currently up 1.3%.