NAHB Housing Market Index

Data Real Estate

Source: NAHB
Source Link: https://www.nahb.org/
Frequency: Monthly
Next Release(s): September 16th, 2025 10:00 AM

Latest Updates

Builder confidence weakened slightly in August, with the NAHB Housing Market Index declining -1 pt to 32, reflecting continued softness in the single-family housing market.
- Current sales conditions fell 1 pt to 35, while sales expectations for the next six months held steady at 43, signaling little improvement in builders’ outlook.
- Traffic of prospective buyers rose 2 pts to 22, but remained at historically low levels, indicating still-weak demand.
- 37% of builders reported cutting prices (down from 38% in July), and the average price reduction remained at 5%, unchanged since November.
- The share of builders offering sales incentives increased to 66%, the highest since the post-Covid period began, underscoring the need for concessions to stimulate demand.
The NAHB/Wells Fargo Housing Market Index (HMI) rose +1 pt to 33 in July 2025, a modest improvement in builder sentiment after three months of decline.
- Current single-family sales increased +1 pt to 36, and sales expectations for the next six months rose +3 pts to 43.
- Traffic of prospective buyers fell -1 pt to 20, remaining weak.
- 38% of builders cut prices in July, the highest since monthly tracking began in 2022; the average price cut held steady at 5%.
- Sales incentives were used by 62% of builders, unchanged from June.
The NAHB/Wells Fargo Housing Market Index (HMI) fell -2 pts to 32 in June 2025, the lowest since December 2022 and marking the third consecutive monthly decline in builder sentiment.
- Present single-family sales dropped -2 pts to 35, and sales expectations for the next 6 months fell -2 pts to 40.
- Traffic of prospective buyers declined -2 pts to 21.
- 37% of builders cut prices in June, up from 34% in May and the highest since monthly tracking began in 2022; average price cut remained at 5%.
- Sales incentives rose slightly, with 62% of builders reporting their use in June, up 1 ppt from May.
The NAHB/Wells Fargo Housing Market Index, tracking builder confidence in the market for newly built single-family homes, fell -6 pts to 34 in May, the lowest since December 2023.
- Current sales conditions dropped -8 pts to 37, and sales expectations in the next six months edged down -1 pt to 42.
- Traffic of prospective buyers declined -2 pts to 23.
- 34% of builders cut home prices in May, the highest share since December 2023; average price cut remained at 5%.
- Use of sales incentives held steady at 61%.
Builder confidence in the market for newly built single-family homes was 40 in April, edging up 1 pt from March.
- Current sales conditions rose 2 pts to 45.
- Sales expectations in the next six months fell -4 pts to 43.
- Traffic of prospective buyers increased 1 pt to 25.
- The latest HMI survey also revealed that 29% of builders cut home prices in April, unchanged from March.
- The average price reduction was 5% in April, the same rate as the previous month.
- The use of sales incentives was 61% in April, up from 59% in March.
Builder confidence in the market for newly built single-family homes was 39 in March, down -3 pts from February and the lowest level in seven months.
- Current sales conditions fell -3 pts to 43.
- Sales expectations in the next six months held steady at 47.
- Traffic of prospective buyers dropped -5 pts to 24.
- 29% of builders cut home prices in March, up from 26% in February.
- Meanwhile, the average price reduction was 5% in March, the same rate as the previous month.
- The use of sales incentives was 59% in March, unchanged from February.
The NAHB Housing Market Index fell -5 pts to 42 in February, the lowest since September 2024 and below expectations of a stable 47 reading.
- The Present Single Family Sales index fell -4 pts to 46.
- The Next 6 Months Single Family Sales index saw an even steeper decline of -13 pts to 46, the lowest since June 2024.
- The Traffic of Prospective Buyers index was down -3 pts to 29.
- The Northeast index dropped -17 pts to 48, the main region dragging down the overall reading.
The NAHB Housing Market Index increased 1 pt to 47 in January, the highest since April 2024.
- The Present Single Family Sales index grew 3 pts to 51, and the Next 6 Months Single Family Sales index dropped -6 pts to 60.
- Buyer traffic improved to the best since April 2024, up 2 pts to 33.
NAHB Housing Market Index: December 2024

The NAHB Housing Market Index was unchanged at 46 in December which is below the expected reading of 47.
- The current Single Family Sales index was unchanged at 48, while Single Family Sales: Next 6 Months index improved to 66, the highest since April 2022.
- However, the index tracking buyer traffic eased -1 pt to 31. The increase in national housing market conditions was a result of improvements in the Northeast and the South.
- 31% of builders cut home prices in December, unchanged from November. Meanwhile, the average price reduction was 5% in December, the same rate as in November. The use of sales incentives was 60% in December, also unchanged from November.