The US housing market index landed at 34 in Early-Q2, missing the 37 expectation and slipping from the prior 38 reading.
The index tracked builder confidence for newly built single-family homes and showed sentiment kept weakening as housing-sector pressures persisted.
A reading below 50 meant more builders viewed market conditions as poor rather than good, underscoring broad weakness in current sentiment.
Builders pointed to high mortgage rates as a major drag, alongside elevated construction costs and ongoing affordability concerns for buyers.
Limited demand and cautious buyer activity were cited as key reasons confidence weakened further in the latest US housing reading.
The latest figure signaled persistent headwinds for housing, with builders still facing a difficult environment for newly built single-family homes.
