Homebuilder confidence high despite growing concerns over price, availability of materials

According to the National Association of Homebuilder's (NAHB)/Wells Fargo housing market index, the reading for homebuilder confidence for newly built single-family homes for the month of May was 83, holding steady month-over-month. However, the NAHB notes that aggregate residential construction material costs are up 12% year-over-year and are expected to move even higher.