US Homebuilder Sentiment Drops to Five-Month Low on Higher Rates
- NAHB/Wells Fargo index slid 5 points in September to 45
- Share of builders offering buyer incentives at four-month high
A worker builds a home in Lillington, North Carolina, US.
Photographer: Allison Joyce/BloombergThis article is for subscribers only.
US homebuilder sentiment fell to a five-month low in September as higher mortgage rates continued to push many prospective buyers out of the market.
The National Association of Home Builders/Wells Fargo gauge declined 5 points to 45 after sliding 6 points a month earlier. That marked the largest back-to-back decrease in nearly a year. The September reading was below all estimates in a Bloomberg survey of economists.