Insight
New home sales in May fell 6.8% year over year, though the median price rose 2% to $424,900.
Builder confidence falls in July as affordability pressures persist
Summary
Homebuilder confidence declined in July due to affordability issues and economic uncertainty, marking 15 months below 40. Builders report price cuts and increased incentives. New legislation aims to address obstacles, but local policy changes are also needed.
Key takeaway