Existing-home sales experienced a slight dip in August, marking the seventh consecutive month of declines, according to the National Association of Realtors.

Worsening affordability conditions stemming from growing supply chain disruptions and rising mortgage rates pushed new home sales lower in March.

Total construction starts fell 12% in March to a seasonally adjusted annual rate of $903.8 billion, according to Dodge Construction Network.

Rapidly rising interest rates combined with ongoing home price increases and higher construction costs continue to take a toll on builder confidence and housing affordability.

Business remains strong for most remodelers at the beginning of 2022, however, a few are starting to report that customers are reluctant to move forward on projects due to the delays and higher costs caused by supply chain problems.

Higher construction costs are hindering new home sales as the cost of lumber, OSB, shingles and other materials rise. 

Total construction starts rose 9% in February to a seasonally adjusted annual rate of $1.013 trillion, according to Dodge Construction Network.

New findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) show that the rate of year-over-year single-family growth in all small and large metro urban, suburban and rural regional submarkets peaked in the second quarter of 2021.