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Builders fear that demand for new homes could be on the wane. As a result, they’re taking their foot off the gas in terms of production, wary that too many prospective buyers have been priced out of the market by rising costs.

In June, single-family home construction fell to its lowest level since April 2020, when the pandemic was just getting started, the Census Bureau reported this week. In addition, it said housing permits, which are a gauge of future home building activity, also declined.