Key Housing Index Falls For 12th Consecutive Month

Objectivity 4.8 | Credibility 4.8 | Relevance 4.8

The National Association of Home Builders/Wells Fargo Housing Market Index has fallen for the past year. At its peak of 90 in November of 2020 and at 76 in June 2022, it has fallen to the lowest point in a decade to 31 amidst growing concern about inflation and rising interest rates.  The index is considered to the heartbeat of the single-family home market and shows falling confidence among home builders in the market. Some small good news however is that average 30-year fixed mortgage rate fell from 7.08% in November to 6.31% according to mortgage lender Freddie Mac.