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NAHB June US Housing Index Declines, Affordability Challenges Remain

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The National Association of Home Builders' monthly housing market index fell to a reading of 35 in June from a revised reading of 37 in May, compared with expectations for a 37 print in a survey compiled by Bloomberg as of 7:45 am ET.

The index was still above a reading of 32 a year earlier.

The reading for single-family sales decreased, while the six-month outlook and buyer traffic both remained the same as in the previous month.

"Costly and inefficient regulatory policy is clearly impeding the ability of builders to increase the housing supply," NAHB Chief Economist Robert Dietz said. "According to a new NAHB study, government regulation, taxes, fees and other costs add more than 26% to the price of an average single-family home. Easing permitting bottlenecks, density limits and inefficient zoning rules would help reduce costs and support the housing growth the nation needs."

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