Builder confidence in the market for newly-built, single-family homes in March fell two points to a level of 53, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). In the Northeast, the index posted a two-point drop to 43.

NAHB Chief Economist David Crowe said the drop in builder confidence is largely attributable to supply chain issues, such as lot and labor shortages as well as tight underwriting standards.To read the entire NAHB press release, click here.