More Homebuilders Lower Prices as Sentiment Falls for Ninth Straight Month

Fast-rising mortgage rates caused homebuilder sentiment to drop further into negative territory in September, and builders lowered prices.

Homebuilder sentiment in September fell three points to 46 on the National Association of Home Builders/Wells Fargo Housing Market Index. Anything below 50 is considered negative.Higher costs for land, labor and materials have made it harder for builders to lower prices, but they are now being forced to.Homebuilder sentiment in September fell three points to 46 on the National Association of Home Builders/Wells Fargo Housing Market Index. Anything below 50 is considered negative.

That is the ninth straight month of declines and the lowest level since may of 2014, with the exception of a short-lived drop at the start of the coronavirus pandemic in 2020. Sentiment was at 83 in January of this year, when interest rates were about half of what they are now.

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