U.S. Housing Market Index Lower than Expected in May

Prices for homes in the United States fell short of expert expectations last month, according to figures released Monday morning by the National Home Builders Association.

The NAHB housing market index for June came in at 68 as opposed to the 70 figure expected, and lower than the 70 in May.
The association's index of current single family home sales registered at 75 versus 76 in May, while the index of prospective buyers 50 versus 51 in May

The index of home sales over next six months came in at 76 versus 77 in May

The NAHB cites lumber prices for lower home builder sentiment. What's more, tariffs on lumber from Canada has added nearly $9,000 to the price of a new single-family home since January 2017.

NAHB also reports higher mortgage rates, the shortage of affordable price listings, and soaring property values, which it says have also made purchases less attractive, especially for first-time buyers