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Homebuilder confidence hit a 13-month low in September as timber prices fell and housing demand remained strong.

The National Association of Home Builders/Wells Fargo housing market index rose a single point to 76 last month, the lowest reading since July 2020. This marked the first increase in four months. Analysts polled by Refinitiv expected the sentiment to slip to 74.

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The index can range between 0 and 100 and any print above 50 indicates positive sentiment. Any reading above 80 indicates strong demand.

NAHB President Chuck Fowke said, “September figures show consistency as some building material cost challenges are easy, especially for softwood lumber.” “However, delivery times remain extended and chronic construction labor shortages are expected to continue as the overall labor market improves.”

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