US Homebuilder Sentiment Declines to Lowest Level This Year
- November NAHB/Wells Fargo gauge fell as rates deter buyers
- Builders are optimistic retreat in mortgages will help outlook
Some 36% of builders reported cutting prices in November, the highest level in a year.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
US homebuilder sentiment fell to the lowest level this year in November as high mortgage rates kept a lid on housing demand.
The National Association of Home Builders/Wells Fargo gauge decreased six points to 34 this month, according to data out Thursday. That was lower than all estimates in a Bloomberg survey of economists.