U.S. builders are entering the fourth quarter on an optimistic note as mortgage rates decline.
An Oct. 16 report from the National Association of Home Builders (NAHB), presenting data from the NAHB/Wells Fargo Housing Market Index (HMI), stated that builder confidence in the new single-family home market registered a 37 in October—up by 5 points from September and the highest reading since April.
Future sales expectations jumped past the 50-point break-even mark for the first time since January 2024.
“While recent declines for mortgage rates are an encouraging sign for affordability conditions, the market remains challenging,” NAHB Chairman Buddy Hughes said in the report….