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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