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Financial News: U.S. Homebuilder Confidence Unexpectedly Decreases In June

U.S. Homebuilder Confidence Unexpectedly Decreases In June

06/18/2018 - 10:13:00 (RTTNews)

(RTTNews) - Partly reflecting sharply elevated lumber prices, the National Association of Home Builders released a report on Monday unexpectedly showing a deterioration in U.S. homebuilder confidence in the month of June.

The report said the NAHB/Wells Fargo Housing Market Index dipped to 68 in June from 70 in May. Economists had expected the index to come in unchanged.

"Builders are increasingly concerned that tariffs placed on Canadian lumber and other imported products are hurting housing affordability," said NAHB Chairman Randy Noel.

He added, "Record-high lumber prices have added nearly $9,000 to the price of a new single-family home since January 2017."

The unexpected drop by the housing market index reflected one-point decreases by all three of the components that make up the index.

The NAHB said the index measuring current sales conditions fell to 75, the component gauging expectations in the next six months dropped to 76, and the metric charting buyer traffic edged down to 50.

On Tuesday, the Commerce Department is scheduled to release a separate report on new residential construction in the month of May.

Housing stocks are expected to rise to an annual rate of 1.317 million in May after slumping to a rate of 1.287 million in April.

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