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Housing Market: US: Difference between revisions
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The HMI can range between 0 and 100. | The HMI can range between 0 and 100. | ||
[[File:Screenshot 2023-08-29 141153.png|center|thumb|627x627px|https://tradingeconomics.com/united-states/nahb-housing-market-index]] | [[File:Screenshot 2023-08-29 141153.png|center|thumb|627x627px|https://tradingeconomics.com/united-states/nahb-housing-market-index]] | ||
=== August 2023 === | |||
Persistently high mortgage rates above 7% continue to erode builder confidence, as sentiment levels have dropped below the key break-even measure of 50 for the first time in five months. Builder confidence in the market for newly built single-family homes in September fell five points to 45. | |||
As mortgage rates stayed above 7% over the last month, more builders are reducing home prices again to bolster sales. In September, 32% of builders reported cutting home prices, compared to 25% in August. That’s the largest share of builders cutting prices since December 2022 (35%). The average price discount remains at 6%. Meanwhile, 59% of builders provided sales incentives of all forms in September, more than any month since April 2023. | |||
“The two-month decline in builder sentiment coincides with when mortgage rates jumped above 7% and significantly eroded buyer purchasing power,” said NAHB Chairman Alicia Huey, a custom home builder and developer from Birmingham, Ala. “And on the supply-side front, builders continue to grapple with shortages of construction workers, buildable lots and distribution transformers, which is further adding to housing affordability woes. Insurance cost and availability is also a growing concern for the housing sector.” | |||
{| class="wikitable" | |||
! colspan="3" rowspan="3" |(Seasonally Adjusted) | |||
! colspan="4" |2022 | |||
! colspan="9" |2023 | |||
|- | |||
!Sep. | |||
!Oct. | |||
!Nov. | |||
!Dec. | |||
!Jan. | |||
!Feb. | |||
!Mar. | |||
!Apr. | |||
!May | |||
!Jun | |||
!Jul | |||
!Aug | |||
!Sep. | |||
|- | |||
! | |||
! | |||
! | |||
! | |||
! | |||
! | |||
! | |||
! | |||
! | |||
! | |||
! | |||
!Revised | |||
!Prelim. | |||
|- | |||
| colspan="3" |Housing Market Index | |||
|46 | |||
|38 | |||
|33 | |||
|31 | |||
|35 | |||
|42 | |||
|44 | |||
|45 | |||
|50 | |||
|55 | |||
|56 | |||
|50 | |||
|45 | |||
|- | |||
! colspan="3" |Housing Market Index Components | |||
! colspan="13" | | |||
|- | |||
| colspan="3" |Single Family Sales: Present | |||
|54 | |||
|45 | |||
|39 | |||
|36 | |||
|40 | |||
|47 | |||
|49 | |||
|51 | |||
|56 | |||
|61 | |||
|62 | |||
|57 | |||
|51 | |||
|- | |||
| colspan="3" |Single Family Sales: Next 6 Months | |||
|46 | |||
|35 | |||
|31 | |||
|35 | |||
|37 | |||
|48 | |||
|47 | |||
|50 | |||
|56 | |||
|62 | |||
|59 | |||
|55 | |||
|49 | |||
|- | |||
| colspan="3" |Traffic of Prospective Buyers | |||
|31 | |||
|25 | |||
|20 | |||
|20 | |||
|23 | |||
|28 | |||
|31 | |||
|31 | |||
|33 | |||
|37 | |||
|40 | |||
|35 | |||
|30 | |||
|} | |||
=== July 2023 === | === July 2023 === | ||