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By Andrei RADULESCU, Ph.D., Senior International Macroeconomist
Since the beginning of this year, there can be noticed a worsening trend in the climate on the residential market in the U.S., the world’s largest economy, with a nominal GDP of approximately USD 30.5 trillion in the second quarter of 2025, according to the estimates of the Bureau of Economic Analysis (BEA).
This evolution has been driven by heightened uncertainty (in the context of unprecedented changes in the trade policy at the beginning of the new administration), the high real financing costs, and growing signs of maturity in the labour market.
Thus, the homebuilders’ confidence index (NAHB) has declined over recent quarters, reaching in September this year...
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