U.S. Homebuilder Sentiment Falls to 12-Month Low

NAHB Chairman Bill Owens responded after NAHB and Wells Fargo released the September Housing Market Index at 32, down three points for a one-year low. "Buyer traffic has weakened across much of the country, largely because of rising mortgage rates. Builders also continue to face higher material costs, rising gas and diesel prices and persistent labor shortages. In some markets, builders report that increased immigration enforcement is discouraging legal workers from reporting to job sites," Owens said. Freddie Mac had the 30-year rate at 6.76%. Components showed current sales at 35, expectations at 37 and traffic at 23. Thirty-eight percent of builders cut prices and 66% offered incentives. What is contested: BigGo Finance and the wire put August price cuts at 35%; Realtor.com put them at 36%. Bloomberg called 32 the lowest since 2022; BigGo called it lowest since September 2025 and Realtor.com the lowest in a year (below 40 for 17 months). Realtor.com reported NAHB's Robert Dietz saying elevated land, labor and construction costs exacerbated matters, with 42% of builders rating lot availability poor. The 10-year Treasury yield hit 5.041% on the 15th per BigGo.