Builder sentiment for single family homes dropped to the lowest level since January, as mortgage rates soar.
Builder sentiment dropped four points to 40 in October, and September's read was revised down one point.
Of the index's three components, current sales conditions fell four points to 46, sales expectations in the next six months dropped five points to 44, and buyer traffic dropped four points to 26. In addition, 32% of builders said they cut home prices. That is unchanged from the previous month but still the highest rate since December . The average price discount is steady at 6%.
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