Bad news, home buyers: New construction sinks to a 6-year low. Here’s what it means for you.

New home construction in the U.S. hit a six-year low in May, signaling a potential deepening of the already challenging housing market for buyers. This drop in building activity likely stems from increased costs for materials and labor, coupled with ongoing supply chain disruptions. With fewer new homes being built, prospective buyers face higher competition and potentially less affordable prices, making it even harder to find a suitable property. This trend underscores the need for policymakers to address the underlying issues affecting the housing market.