Economic Buzz: US Homebuilder Confidence Slumps In October

19 Oct 2022 , 09:00 AM

Reflecting worries about rising interest rates, building material bottlenecks and elevated home prices, the National Association of Home Builders released a report on Tuesday showing a continued deterioration in U.S. homebuilder confidence in the month of October. The report showed the NAHB/Wells Fargo Housing Market Index slumped to 38 in October from 46 in September. The housing market index declined for the tenth consecutive month, falling to its lowest reading since August 2012, with the exception of the onset of the pandemic in the spring of 2020. The sales expectations in the next six months index led the way lower, plunging to 35 in October from 46 in September. The current sales conditions index also tumbled to 45 in October from 54 in September, while the traffic of prospective buyers index slumped to 25 from 31. Powered by Commodity Insights