Builder confidence in the market for newly built single-family homes was 38 in November, up one point from October, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released today.
The latest HMI survey also revealed that 41% of builders reported cutting prices in November, a record high in the post-Covid period and the first time this measure has passed 40%. Meanwhile, the average price reduction was 6% in November, the same rate as the previous month. The use of sales incentives was 65% in November, tying the share in September and October.
Looking at the three-month moving averages for regional HMI scores, the Northeast rose two points to 48, the Midwest fell one point to 41, the South increased three points to 34 and the West gained two points to 30.
Read the NAHB release.










