U.S. Homebuilder Confidence Unexpectedly Slumps In May
The report said the NAHB/Wells Fargo Housing Market Index tumbled to 45 in May from 51 in April. Economists had expected the index to come in unchanged. Homebuilder confidence decreased for the first time since November 2023, as mortgage rates averaged above 7 percent for the past four weeks per data from Freddie Mac.