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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- | [[File:Screenshot 2023-09-18 112541.png|alt=|center|thumb|627x627px|https://tradingeconomics.com/united-states/nahb-housing-market-index]] | ||
=== August 2023 === | === 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. | 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.<ref>https://www.nahb.org/news-and-economics/press-releases/2023/09/high-mortgage-rates-continue-to-weaken-builder-confidence</ref> | ||
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. | 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. | ||