US Builder Confidence Declines for Third Consecutive Month in October

On Tuesday (10-17-23), the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes fell 4 points to 40 from a downwardly revised September reading.

In October, all three HMI components posted losses:

  • The HMI index gauging current sales conditions declined 4 points to a reading of 51.
  • The HMI component that charts sales expectations in the next six months declined 5 points to a reading of 44.
  • The HMI component that measures traffic of prospective buyers fell 4 points to a reading of 26.

The three-month moving averages for all regions decreased:

  • The Northeast declined 4 points to a reading of 50.
  • The Midwest fell 3 points to a reading of 39.
  • The South dropped 5 points to a reading of 49.
  • The West posted a 6-point decline to a reading of 41.

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