The National Association of Home Builders’ monthly confidence fell 3 points to 46 in September. Outside of the pandemic, the September reading of 46 is the lowest level since May 2014. It’s the ninth month in a row that the index has fallen.
The numbers: The National Association of Home Builders’ monthly confidence index fell 3 points to 46 in September, the trade group said on Monday.
All four NAHB regions posted drops in builder confidence. Declines were led by the West, which saw a 10-point drop, followed by the South, with a 7-point drop. The Northeast and the Midwest each saw a 5-point drop. Sellers are pulling out all the stops to boost sales. Nearly a quarter of builders, up from 19% the previous month, are dropping prices to attract buyers, the NAHB said.What the NAHB said: “Builder sentiment has declined every month in 2022, and the housing recession shows no signs of abating,” said Robert Dietz, the NAHB’s chief economist.
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