US homebuilder confidence rises on significant surge in late-spring demand

```htmlGolden Ten Data reported on May 18 that high mortgage rates, rising oil prices, and persistent economic uncertainty caused by the ongoing war with Iran continue to put pressure on potential homebuyers. However, U.S. builders are seeing a slight improvement in their business conditions and expect a surge in growth towards the end of spring. After a significant drop in April, the Housing Market Index released by the National Association of Home Builders (NAHB) showed that the builder confidence index for single-family homes rose by 3 points in May, reaching 37. Nevertheless, any reading below 50 is considered indicative of market pessimism. Robert Dietz, the association’s chief economist, said: "The recent rise in long-term interest rates will continue to suppress housing demand. Despite relatively strong market performance in certain regions, including parts of the Midwest, the housing market is still facing severe affordability challenges."```