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by Calculated Risk on 8/18/2025 10:00:00 AM

The National Association of Home Builders (NAHB) reported the housing market index (HMI) was at 32, down from 33 last month. Any number below 50 indicates that more builders view sales conditions as poor than good.

From the NAHB: Builder Confidence Plateaus at Relatively Low Level

Elevated mortgage rates, weak buyer traffic and ongoing supply-side challenges continued to act as a drag on builder confidence in August, as sentiment levels remain in a holding pattern at a low level.

Builder confidence in the market for newly built single-family homes was 32 in August, down one point from July, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released today. Builder sentiment has now been in negative territory for 16 consecutive months and has hovered at a relatively low reading between 32 and 34 since May.

“Affordability continues to be the

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