U.S. Homebuilder Confidence Holds Steady In September
(RTTNews) - Homebuilder confidence in the U.S. held steady in the month of September, according to a report released by the National Association of Home Builders on Tuesday.
The report said the NAHB/Wells Fargo Housing Market Index came in at 32 in September, unchanged from August. Economists had expected the index to inch up to 33.
While builder sentiment has lingered at relatively low levels since May, the NAHB said builders expressed optimism that a more favorable interest rate climate could bring hesitant buyers off the sidelines in the final quarter of 2025.
"While builders continue to contend with rising construction costs, a recent drop in mortgage interest rates over the past month should help spur housing demand," said NAHB Chairman Buddy Hughes.
The NAHB said the index gauging future sales expectations rose to 45 in September from 43 in August, reaching the highest reading since March.
The component measuring current sales conditions held steady at 34, while the gauge charting traffic of prospective buyers posted edged down to 21 in September from 22 in August, the NAHB said.
The report said the latest HMI survey also revealed that 39 percent of builders reported cutting prices in September, up from 37 percent in August and the highest percentage in the post-Covid period.
The average price reduction was 5 percent in September, the same as it's been every month since last November, the NAHB said.
On Wednesday, the Commerce Department is scheduled to release its report on new residential construction in the month of August.
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