Homebuilders

The decline in loan activity and softening prices also helped drive down builder sentiment for the 11th month in a row.

In a week where homebuilding stocks were faced with surging U.S. Treasury yields and data showing weakening demand for homes, one analyst is throwing in the towel on the sector.

Consumer demands for lower density and more affordable prices fueled a larger share of construction outside urban cores, but recent trends have led to slowdowns across the board.

Activity is coming in at or below 2020 levels according to reports from the Mortgage Bankers Association and Redfin.

Despite some moderation in overall supply prices, concrete products are running consistently higher.

New single-family home mortgage applications, housing starts and industry sentiment all came in at their lowest since 2020.

The slowdown in new single-family construction is one of several headwinds homebuilders find themselves facing this summer.

Industry leaders suggested they’ve "never felt so worried at a time when everything feels so good otherwise," said Chris Herbert, managing director of the Joint Center for Housing Studies of Harvard University.

Lumber prices have wavered, but gypsum, steel and transportation were still on the rise in the past month, according to a National Association of Home Builders analysis.

December's average balance for a mortgage to purchase a newly constructed property set an all-time high, the Mortgage Bankers Association's Builder Application Survey found.