Housing Supply Overview New-home production is slowing, as soaring costs and declining housing affordability have caused builder confidence to plummet to its lowest level since April 2020. As material costs, interest rates, and home prices continue to surge—the median sales price of a new single-family home was north of $400,000 as of last measure—builders are becoming increasingly cautious about the future of new home sales, with the Commerce Department reporting that sales of new single-family homes, housing starts, and permits recently dropped to a 2-year low. For the 12-month period spanning August 2021 through July 2022, Pending Sales in the...