In August, builder confidence dipped further, influenced by heightened interest rates and dwindling consumer affordability, culminating in a Housing Market Index of 39.
NAHB Chairman Carl Harris emphasized the dire need for policies aimed at enhancing the construction of attainable housing, noting that housing affordability is paramount for prospective home buyers.
While 33% of builders reported price cuts in August—a slight increase—average reductions remained stuck at 6%, showcasing the ongoing challenges in enticing buyers amidst economic constraints.
The rise in sales incentives to 64%, the highest since April 2019, indicates a push by builders to attract buyers despite persistent high housing costs.
Collection
[
|
...
]