The NAHB housing market index in the US extended declines for an eighth straight month to 49 in August of 2022, the lowest reading since May of 2020 and well below market forecasts of 55. “Tighter monetary policy from the Federal Reserve and persistently elevated construction costs have brought on a housing recession. The total volume of single-family starts will post a decline in 2022, the first such decrease since 2011. However, as signs grow that the rate of inflation is near peaking, long-term interest rates have stabilized, which will provide some stability for the demand-side of the market in the coming months”, said NAHB Chief Economist Robert Dietz. The current sales subindex dropped 7 points to 57; buyer traffic fell to 32 from 37, and sales expectations in the next six months declined by 2 points to 49. https://tradingeconomics.com/united-states/nahb-housing-market-index
