US Homebuilder Sentiment Drops to Match Lowest Level Since 2022
The NAHB/Wells Fargo index fell 3 points to 32, while builders raised incentives to 66% and price cuts to 38%, the survey said.
- On Wed, the Housing Market Index from NAHB and Wells Fargo fell 3 points to 32, marking the lowest reading in a year and matching the weakest level since late 2022.
- NAHB chairman Bill Owens, an Ohio homebuilder, said builders face "higher material costs, rising gas and diesel prices and persistent labour shortages," while mortgage rates near 7 per cent weaken the stagnant housing market.
- Meantime, builders increased customer incentives to 66 per cent from 63 per cent in August, while the share reporting price cuts rose to 38 per cent from 35 per cent.
- Across regions, sentiment slipped in the South, Midwest, and Northeast, though it rose slightly in the West; the Home Construction ETF is down about 20 per cent over the year.
- The federal government will release its new residential construction report on Thursday, while the Realtors will provide pending-home sales data for August on the same day.
11 Articles
11 Articles
(New York = Yonhap News) Correspondent Kim Yeon-sook = Business sentiment among U.S. homebuilders has fallen to its lowest level in a year due to negative factors such as rising mortgage interest rates and labor shortages...
US Homebuilder Sentiment Drops to Match Lowest Level Since 2022
The NAHB index stood at 32 points, down from 35 in August.
The confidence index of United States manufacturers, measured by the National Association of Builders (NAHB), fell from 35 in
Builder Sentiment Crumbles As US Mortgage Rates Soar
Homebuilder sentiment remained in the dumps early this month, according to the September installment of the NAHB’s mood survey. At 32, the headline printed below the threshold separating net optimism from pessimism for a — checks notes — 29th straight month. Consensus was looking for 34. This month’s readout was
Coverage Details
Bias Distribution
- 50% of the sources are Center, 50% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
