Homebuyers adjusting to 'new normal' for mortgage rates: NAHB CEO

, CEO and President of the National Association of Home Builders Jim Tobin joins Yahoo Finance Live to share his insights on the outlook for the housing market.

Addressing the costs of new home construction, Tobin attributes the challenges to the inability to keep up with demand. He notes that"price spikes," especially with lumber , occurred"right after the COVID lockdowns when homebuilding really got going.

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