The most recent National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) shows that builder confidence came in with a negative standing.

 
The HMI survey also shows that 41% of builders cut prices in November - marking the first time it has passed 40% and a record-high post-pandemic. Further, the average price reduction was 6% - unchanged from the previous month - and sales incentives were reported at 65% this month, marking a third month. The survey has been conducted for over 40 years.

"We continue to see demand-side weakness as a softening labor market and stretched consumer finances are contributing to a difficult sales environment," said NAHB Chief Economist Robert Dietz. "After a decline for single-family housing starts in 2025, NAHB is forecasting a slight gain in 2026 as builders continue to report future sales conditions in marginally positive territory."