The NAHB Housing Market Index dropped 3 points to 32 in September, matching the December 2022 low. The index has been below 50 for 29 consecutive months and below 40 for 17 straight months, the longest such streak since 2012. Current sales fell 4 points to 35, future sales expectations dropped 4 points to 37 (lowest since early 2023). 38% of builders cut prices, up from 35%, and 66% offered incentives, up from 63%. Builders cite elevated borrowing costs, higher material costs, rising diesel prices, and labor shortages.
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