US Builder Sentiment Declines For Second Consecutive Month in September
High Mortgage Rates Continue to Weaken Builder Confidence
On Monday (9-18-23), 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 declined 5 points in September to a reading of 45. This follows a 6-point drop in August.
In September, all three HMI components posted losses. The HMI index gauging current sales conditions declined 6 points to a reading of 51; the component charting sales expectations in the next six months declined 6 points to 49; and the component measuring traffic of prospective buyers fell 5 points to 30.
Looking at the three-month moving averages for regional HMI scores, the Northeast declined 2 points to a reading of 54; the Midwest fell 3 points to 42, the South fell 4 points to 54, and the West posted a 3-point decline to a reading of 47.
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