US homebuilder sentiment hits near 14-year low
US homebuilder sentiment dropped to its lowest level since 2012 in October as rising mortgage rates and material costs weighed on the market. Higher borrowing costs and labor shortages depressed sales and pushed more builders to cut prices.
Insights:
United States homebuilder sentiment plunged three points to 29 in October, reaching the lowest level in nearly fourteen and a half years. The drop reflects surging borrowing costs, labor shortages, and rising material tariffs. The decline tests the housing market as affordability strains mount heading into midterm elections.
