U.S. homebuilder confidence fell to its lowest level in more than two years this month amid rising concerns over affordability, data on Monday showed.
The National Association of Homebuilders’ housing market index fell eight points to 60 in November—the lowest level since August 2016. That was steeper than expectations for a drop to 67, according to a survey of economists by Refinitiv.
While strength in the U.S. jobs market and improving wages had helped support demand, housing affordability hit a 10-year low in the third quarter amid labor shortages, interest rate increases, and tight inventory.
Read more in the Milwaukee Business Journal.