The National Association of Home Builders (NAHB) in the U.S. announced that its Homebuilder Confidence Index fell three points to 46 in September, declining for the ninth consecutive month and below analysts’ expectations of 47.
In addition, the sentiment index fell below 50, indicating a negative general outlook.
The confidence index fell below 50 in June 2014 before falling below that level again in early 2020, marking the beginning of the Covid 19 pandemic.
The decline in the confidence index was fueled by concerns about inflation and recession, as well as rising mortgage rates and construction costs. The index of confidence in sales in the next six months and the index of current sales confidence also fell.