NAHB housing market index 77 versus 79 March

NAHB housing market index for April falls to 77 versus 79 in March.

• Single-family home sales 85 versus 87
• sales of the next six months 73 versus 70 in March
• prospective buyers 60 versus 66 in March
• Northeast, +1 point
• Midwest -3 points
• South -2 points
• West +1 point
• The decline in the index is the fourth in a row.

The 30 year fixed rate is up to 5.15%. This is the highest level since April 2010 and is likely to continue to slow sentiment despite the low supply. The 15 year fixed is at 4.45%.

The NAHB chief economist Robert Dietz says:

"The housing market faces an inflection point as an unexpectedly quick rise in interest rates, rising house prices, and escalating material costs has significantly decreased housing affordability conditions"

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