Builder Confidence Back to Pre-COVID-19 Levels in July

According to the latest National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index (HMI) builder confidence in the market for newly-built single-family homes jumped 14 points to 72 in July. The HMI is now back to the March 2020, pre-COVID-19 pandemic level. A clear indication that the housing market is prepared to lead a post-COVID-19 economic recovery. There are however, some ongoing headwinds. Lumber prices are at a 2-year high, and other building materials costs are also rapidly increasing. There is also a continuing lack of skilled labor and available lots to build on.