Overview

• The NAHB/Wells Fargo Housing Market Index fell two points to 32 in June, marking its weakest reading since December 2022 and extending a downturn in industry confidence.
• Builders reported declines across current sales conditions, six-month outlook and buyer traffic, with foot traffic dropping to its lowest level since late 2023.
• In June, 37% of builders cut home prices—the highest share on record—while holding average reductions steady at 5%.
• The average 30-year fixed mortgage rate climbed to 6.84% last week, keeping many prospective buyers on the sidelines.
• NAHB chief economist Robert Dietz forecast a decline in single-family housing starts for 2025 as builders grapple with elevated rates and rising inventories.