US builder confidence drops for 3rd straight month in October
Posted on October 20, 2023 |
In October, builder confidence in constructing new single-family homes declined by 4 points to reach 40, following a revised figure from September.
All 3 key components of the Home Builder Confidence Index (HMI) displayed decreases.
The HMI measuring current sales conditions dropped by 4 points, resulting in a reading of 51.
The HMI component gauging sales expectations for the next six months decreased by 5 points, with a reading of 44.
The HMI component tracking the traffic of potential buyers dipped by 4 points, resulting in a reading of 26.
Over the past 3 months, builder sentiment has fallen across all regions.
The Northeast saw a 4-point drop, with a reading of 50.
The Midwest's reading fell by 3 points to 39.
The South experienced a 5-point decline, with a reading of 49.
The West recorded a 6-point drop, with a reading of 41.
