Builder confidence fell one point in July to a level of 42 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index.
July’s reading is the lowest sentiment level since December 2023.
“While buyers appear to be waiting for lower interest rates, the six-month sales expectation for builders moved higher, indicating that builders expect mortgage rates to edge lower later this year as inflation data are showing signs of easing,” NAHB Chairman Carl Harris said in a statement.
Builder confidence levels 50 and above indicate more builders view home sales and sales expectations as “good” than “poor.”
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