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NAHB Survey Shows Mounting Pressures On Home Builders

US DATA
  • The 12pt drop to 55 (consensus 65) is the largest monthly decline in the index this side of the pandemic and prior to the pandemic is the lowest level since May'15.
  • Within the details, the single-family index for the next six months fell 11pts to 50, the lowest level since Mar'13 again when looking through the pandemic.
  • "Production bottlenecks, rising home building costs and high inflation are causing many builders to halt construction because the cost of land, construction and financing exceeds the market value of the home," said NAHB Chairman Jerry Konter.
  • Tsy yields continued to climb across the curve through the release after a volatile past 90 minutes sitting circa 1bp higher, with a surprising lack of a move richer at the longer end on the potential implications for softer growth ahead (2Y +5bps on the day, 10YY +6.5bps).
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