NAHB and Wells Fargo data released Monday showed the housing market index fell 2 points in June to 35, below consensus. The South, the largest U.S. residential-construction region, recorded the biggest drop since Nov. 2023. The index has stayed below 40 for a 14th consecutive month, the longest stretch since 2011–12. By component, the current-sales gauge slipped 2 points to 38 while future-sales expectations and buyer-traffic measures were unchanged. NAHB said rising mortgage rates, higher build

NAHB and Wells Fargo data released Monday showed the housing market index fell 2 points in June to 35, below consensus. The South, the largest U.S. residential-construction region, recorded the biggest drop since Nov. 2023. The index has stayed below 40 for a 14th consecutive month, the longest stretch since 2011–12. By component, the current-sales gauge slipped 2 points to 38 while future-sales expectations and buyer-traffic measures were unchanged. NAHB said rising mortgage rates, higher building-material costs, increased financing costs and permitting/regulatory headwinds are weighing on builders.