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Housing Market Gets Bad News as Construction Drops

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New construction declined in May, a signal of supply issues in the housing market.

The housing market received disappointing news Thursday after government data showed that the building of new homes fell across the board in May, worsening the supply challenges buyers are facing when trying to purchase a home.In March 2022, the Federal Reserve began hiking interest rates to counter inflation, and the housing market has been grappling with high borrowing costs as a result.

'Builders appear despondent, saying they are feeling the effects of the high costs of loans, which has dissuaded buyers from taking on expensive mortgages and has made capital for construction expensive. In June, builder confidence, as measured by the National Association of Home Builders/Wells Fargo Housing Market Index, fell to its lowest reading since December.

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