NAHB housing market index for April falls to 77 versus 79 in March.
- Single-family home sales 85 versus 87
- sales of the next six months 73 versus 70 in March
- prospective buyers 60 versus 66 in March
- Northeast, +1 point
- Midwest -3 points
- South -2 points
- West +1 point
- The decline in the index is the fourth in a row.
The 30 year fixed rate is up to 5.15%. This is the highest level since April 2010 and is likely to continue to slow sentiment despite the low supply.
The NAHB chief economist Robert Dietz says:
“The housing market faces an inflection point as an unexpectedly quick rise in interest rates, rising house prices, and escalating material costs has significantly decreased housing affordability conditions”
/ inflation
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