Single-family construction continued to fall in June, and the National Association of Home Builders (NAHB) said it expects this trend to have bottomed out.
NAHB Chairman Alicia Huey, a custom home builder and developer from Birmingham, Ala., said, "Single-family production should register growth in the months ahead as the Federal Reserve nears the end of its tightening cycle and mortgage rates begin to stabilize."
Rising mortgage rates and elevated construction costs have been detrimental to single-family construction in markets nationwide, with the slowdown most noticeable in large metro areas, NAHB said.
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