Economics
US Homebuilder Sentiment Extends Year’s Decline as Rates Rise
- Gauge weakest in a decade, excluding beginning of pandemic
- Housing market is feeling pinch from Fed’s tightening campaign
Housing under construction in Atlanta, Georgia.
Photographer: Elijah Nouvelage/BloombergThis article is for subscribers only.
US homebuilder sentiment weakened in November by more than forecast, hitting the lowest level in a decade when excluding the immediate onset of the pandemic.
The National Association of Home Builders/Wells Fargo gauge decreased 5 points to 33 this month, figures showed Wednesday. The median estimate in a Bloomberg survey of economists called for a reading of 36.