Many Americans want to live in new houses but few want to pay +6% mortgages. That’s led to a freeze up in new housing demand with some builders even halting marketing altogether.
The consensus in the report at the top of the hour is a continued decline to 47 from 49 but estimates are as low as 42.
NAHB housing market index
Ultimately, there’s demand for housing out there and it will come back when mortage rates improve or stabilize but the days of the 1.8% 30-year fixed are over.