U.S. homebuilder confidence fell for a second month in September, with optimism dropping to the lowest since April as high interest rates cut into affordability for prospective buyers. The fall in optimism was accompanied by a decrease of traffic of prospective buyers. “High mortgage rates are clearly taking a toll on builder confidence and consumer demand, as a growing number of buyers are electing to defer a home purchase until long-term rates move lower,” said Robert Dietz, chief economist at the NAHB.
FILE PHOTO: Residential home construction continues as California faces a housing shortageNEW YORK - U.S. homebuilder confidence fell for a second month in September, with optimism dropping to the lowest since April as high interest rates cut into affordability for prospective buyers.
Confidence was below a Reuters poll showing the median expectation among economists was for a reading of 50. With homeowners discouraged from selling due to higher interest rates, the homebuilder market had shown signs of recovering during the first half of 2023 as demand for new home construction increased. The latest data, though, suggest that recovery has faltered.
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