NAHB Index: Housing Sentiment Falls to 32 Low

NAHB Housing Market Index fell three points to 32 in September, matching its December 2022 low while the US housing market slowdown deepens with current sales at 35 and future expectations at 37. Builders reported price reductions at 38 percent of firms, up from 35 percent in August, with average cuts holding at six percent for the sixth straight month and incentives offered by 66 percent of respondents. The index has stayed below 50 for 29 consecutive months and below 40 for 17 months, the longest such run since 2012, as elevated borrowing costs, higher material prices and labor shortages weigh on conditions.