India, June 17 -- Homebuilder confidence in the U.S. has unexpectedly seen a continued deterioration in the month of June, the National Association of Home Builders revealed in a report released on Tuesday.
The report said the NAHB/Wells Fargo Housing Market Index fell to 32 in June from 34 in May, while economists had expected the index to rise to 36.
With the unexpected decrease, the housing market index dropped to its lowest level since plunging to 30 at the start of the Covid pandemic in April 2020.
"Buyers are increasingly moving to the sidelines due to elevated mortgage rates and tariff and economic uncertainty," said NAHB Chairman Buddy Hughes.
He added, "To help address affordability concerns and bring hesitant buyers off the fe...