US Homebuilder Sentiment Stays Low Despite Mortgage-Rate Drop
A home under construction next to a finished home in Gulf Shores, Alabama.
Photographer: Micah Green/BloombergSentiment among US homebuilders remained at one of its lowest levels in years this month, underscoring the deep freeze in the housing market despite a recent drop in mortgage rates.
An index of market conditions from the National Association of Home Builders and Wells Fargo was unchanged at 32 in September, similar to economists’ estimates and remaining stuck in the low-30s range it’s been lodged in since May. A value below 50 means more builders see conditions as poor than good.