More consumers remain on the sidelines due to high mortgage rates and home prices that are putting a new home purchase out of financial reach for many households, according to National Association of Home Builders (NAHB) chairman Jerry Konter.
His comments in a prepared release come when builder sentiment fell for the ninth straight month in September as persistent building material supply chain disruptions plague the industry, according to the NAHB/Wells Fargo Housing Market Index (HMI) released yesterday.
The report also showed that 24% of builders reported reducing home prices that month, up from 19% in August.
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