Reported 14 days ago
U.S. homebuilder sentiment rose to a six-month high in October, driven by expectations that falling mortgage rates will boost housing demand and alleviate excess inventory. The National Association of Home Builders/Wells Fargo index increased to 37 but remained below the breakeven point for the 18th month. Although lower mortgage rates are improving affordability, many potential buyers are still hesitant due to economic uncertainty. Builders are responding by reducing house prices, with 38% citing price cuts averaging 6%, the largest in a year.
Source: YAHOO