U.S. Housing Market Index Drops To Fourteen-Year Low In October
The NAHB/Wells Fargo index fell to 29 as builders cut prices and incentives at record levels, signaling weaker demand and affordability pressure.
- On Monday, the National Association of Home Builders /Wells Fargo Housing Market index plunged to 29 in October, marking the lowest level in nearly 14.5 years.
- Middle East conflict has boosted mortgage rates to 7.40% last week, the highest level in nearly three years, while builders face elevated costs for construction loans and materials.
- To attract buyers, 43% of builders reported cutting prices in October, while 65% utilized sales incentives; prospective buyer traffic tumbled to 18, the lowest since April 2012.
- Rising mortgage rates and elevated home prices have positioned the housing market at the center of an affordability crisis heading into the November 3 midterm elections affecting Congress control.
- Consumer confidence has slumped to its lowest point in more than three years, as households expect financial wellbeing to deteriorate amid intensifying inflationary pressures and expectations of higher Bank of England interest rates.
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High construction materials costs, migration policies and high tariff rates are discouraging the sector from new projects
US homebuilder sentiment tumbles to near 14-1/2-year low in October - Regional Media News
WASHINGTON, Oct 19 (Reuters) - US homebuilder sentiment plunged to the lowest level in nearly 14-1/2 years in October as the Middle East conflict boosted mortgage rates and prices of energy-related building materials, a survey showed on Monday. The National Association of Home Builders/Wells Fargo [...]
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U.S. Homebuilder Confidence Hits 14-Year Low as Mortgage Rates Drive More Price Cuts
Builder sentiment fell to its weakest level since June 2012 as mortgage rates reached 7.40%, prompting a growing number of construction companies to reduce home ... The post U.S. Homebuilder Confidence Hits 14-Year Low as Mortgage Rates Drive More Price Cuts first appeared on [your]NEWS.
(New York = Yonhap News) Correspondent Lim Soo-jung = The sentiment of U.S. homebuilders has fallen to its lowest level in over 14 years due to the impact of high interest rates and rising construction costs.
Homebuilder Confidence Falls to 14-Year Low as Mortgage Rates Climb
U.S. homebuilder confidence fell more than expected in October to its lowest level in 14 years, as higher mortgage rates deterred buyers and builders increasingly cut prices to make sales. The National Association of Home Builders/Wells Fargo Housing Market Index
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