U.S. homebuilder confidence slipped for a second month to its lowest level this year as high borrowing costs and rising land and materials prices weigh, the National Association of Home Builders and Wells Fargo said on Thursday. The NAHB/Wells Fargo housing market index fell 2 points to 34, versus economists' forecast of 35, and has stayed below 40 for 15 straight months—the longest stretch since 2012. NAHB chief economist Robert Dietz said housing affordability remains the sector's primary chal

U.S. homebuilder confidence slipped for a second month to its lowest level this year as high borrowing costs and rising land and materials prices weigh, the National Association of Home Builders and Wells Fargo said on Thursday. The NAHB/Wells Fargo housing market index fell 2 points to 34, versus economists' forecast of 35, and has stayed below 40 for 15 straight months—the longest stretch since 2012. NAHB chief economist Robert Dietz said housing affordability remains the sector's primary challenge, citing elevated mortgage rates, costly land, rising materials and persistent skilled-labor shortages. Separately, the U.S. pending home sales index dropped 5.4% in June to 72.5, well below the consensus forecast for a 0.5% decline.