Homebuilder sentiment in newly built single-family homes dropped in November as prospective buyers shied away from making a purchase due to high costs, according to the National Association of Home Builders (NAHB).
The NAHB/Wells Fargo Housing Market Index (HMI), which measures homebuilder sentiment, declined five points, to 33, and registered the 11th consecutive monthly decline, as a press release stated on Nov. 16. This is the index’s lowest reading since June 2012, with the sole exception being the spring of 2020 during the COVID-19 outbreak.
“Higher interest rates have significantly weakened demand for new homes as buyer traffic is becoming increasingly scarce,” said NAHB Chairman Jerry Konter, a homebuilder and developer from Savannah, Georgia….