On September 19, 2023, National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for newly built single family homes declined five points to 45 points in September of 2023.
The HMI component charting buyer traffic dropped five point to 30 points, the HMI present sales conditions decreased six points to 51 points, and the HMI sales expectations index fell six points to 49 points in September of 2023.
The three-month moving averages for regional HMI scores, Northeast lost two points to 54 points, Midwest lower three points to 42 points, South down four points to 54 points, the West declined three points to 47 points in September of 2023.
NAHB Chief Economist Robert Dietz, stated “Putting into place policies that will allow builders to increase the housing supply is the best remedy to ease the nation’s housing affordability crisis and curb shelter inflation. Shelter inflation posted a 7.3% year-over-year gain in August, compared to an overall 3.7% consumer inflation reading.”
For complete more detailed information about NAHB Builder Confidence Index for September of 2023, please click HERE