The National Association of Home Builders (NAHB) have reported another consecutive month of decreasing builder confidence. According to the NAHB/Wells Fargo Housing Market Index (HMI), builder confidence has reached its lowest point since 2014, not including a drop during 2020. The current point level of the HMI dropped three points to 46 for September.

 

NAHB Chairman Jerry Konter reiterated the NAHB's sentiments on the declining housing market, "Buyer traffic is weak in many markets as more consumers remain on the sidelines due to high mortgage rates and home prices that are putting a new home purchase out of financial reach for many households. In another indicator of a weakening market, 24% of builders reported reducing home prices, up from 19% last month."

https://www.nahb.org/news-and-economics/press-releases/2022/09/builder-confidence-falls-for-ninth-straight-month-as-housing-slowdown-continues