U.S. HOMEBUILDER CONFIDENCE FALLS TO 11-MONTH LOW

U.S. homebuilder confidence in the market for single family homes fell in July to its lowest level since August 2020, driven by shortages in both supply and labour. The NAHB/Wells Fargo Housing Market index declined to a reading of 80 from 81 in June. Economists polled by Reuters had expected the index to advance marginally to a reading of at 82. The index hit peak of 90 in November 2020. “Builders are contending with shortages of building materials, buildable lots and skilled labour as well as a challenging regulatory environment,” said NAHB Chief Economist Robert Dietz. “This is putting upward pressure on home prices and sidelining many prospective home buyers even as demand remains strong in a low-inventory environment.”