In a further signal that rising interest rates, building material bottlenecks and elevated home prices continue to weaken the housing market, builder sentiment fell for the 10th straight month in October and traffic of prospective buyers fell to its lowest level since 2012 (excluding the two-month period in the spring of 2020 at the beginning of the pandemic).īuilder confidence in the market for newly built single-family homes dropped eight points in October to 38-half the level it was just six months ago-according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released today.
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