Homebuilder Confidence Drops to 13-Month Low on High Material Costs and Surging Home Prices

The HMI index component that gauges current sales conditions fell five points to 81 in August, while the part that measures traffic of prospective buyers also recorded a five-point drop to 60.

Single-Family Home Prices Soar by 23 Percent, Sharpest Rise on Record

The median price of an existing single-family home surged by 22.9 percent in the second quarter of 2021 compared to the year-ago period, hitting an all-time high of $357,900, the NAR said in an Aug. 12 report.

Inflation Growth Slows in July, Still a Concern as It Broadens and Stays Historically High

The Labor Department stated in a report on Aug. 11 that the consumer price index (CPI) jumped 0.5 percent in July from June, which is less than the previous monthly increase of 0.9 percent.