NAHB Housing Market Index

Data Real Estate

Source: NAHB
Source Link: https://www.nahb.org/
Frequency: Monthly
Next Release(s): May 18th, 2026 10:00 AM

Latest Updates

Builder confidence in the market for newly built single-family homes fell four points to 34 in April.
- Current sales conditions fell four points to 37.
- Sales expectations in the next six months dropped seven points to 42.
- Traffic of prospective buyers posted a three-point decline to 22.
- The latest HMI survey also revealed that 36% of builders cut prices in April, down slightly from 37% in March.
- The average price reduction was 5%, down from the 6% figure in March. The use of sales incentives was 60% in April, down from 64% in March, and marking the 13th consecutive month this share has reached 60% or higher.
HMI Key Findings: March 2026
- Builder confidence in the market for newly built single-family homes rose one point to 38 in March.
- Here are the readings for the three HMI indices in March:
  - Current sales conditions increased one point to 42.
  - Sales expectations in the next six months gained two points to 49.
  - Traffic of prospective buyers posted a three-point increase to 25.
- The latest HMI survey also revealed that 37% of builders cut prices in March, up slightly from 36% in February.
- The average price reduction remained stable at 6%. The use of sales incentives was 64% in March, down one percentage point from February, and marking the 12th consecutive month this share has exceeded 60%.
Builder confidence edged down in February, with the NAHB Housing Market Index falling -1 pt to 36, indicating continued soft housing sentiment.
- Current sales conditions held steady at 41, suggesting builders’ assessment of present demand was unchanged.
- Sales expectations for the next six months fell -3 pts to 46, pointing to reduced near-term outlook confidence.
- Traffic of prospective buyers declined -2 pts to 22, indicating softer buyer interest.
- 36% of builders cut prices in February (down from 40% in January), marking less widespread discounting but still elevated levels.
- The average price reduction remained at 6%, implying price concessions stayed consistent despite fewer builders cutting prices.
- Sales incentives were used by 65% of builders (unchanged MoM), the 11th straight month above 60%, highlighting persistent reliance on incentives to support sales.
Builder confidence weakened in January, with the NAHB Housing Market Index falling -2 pts to 37, signaling softer sentiment amid continued market cooling.
- The HMI headline index declined -2 pts to 37 in January, indicating builder sentiment deteriorated further from December levels.
- Current sales conditions slipped -1 pt to 41, suggesting slightly weaker assessments of present single-family market conditions.
- Sales expectations for the next six months fell -3 pts to 49, pointing to reduced optimism for near-term demand.
- Traffic of prospective buyers dropped -3 pts to 23, highlighting further softening in buyer interest.
- 40% of builders reported cutting prices in January (unchanged from December), marking the third straight month at 40% or higher and indicating elevated discounting activity.
- The average price reduction increased to 6% (from 5% in December), implying price cuts became somewhat more aggressive.
- Sales incentives were used by 65% of builders, marking the 10th consecutive month above 60%, underscoring sustained reliance on incentives to support sales.
Builder confidence rose modestly in December, with the NAHB Housing Market Index increasing +1 pt to 39, the highest since April, indicating slightly improved sentiment amid ongoing affordability pressures.
- Current sales conditions edged up +1 pt to 42, suggesting a small improvement in builders’ assessments of present market activity.
- Sales expectations for the next six months increased +1 pt to 52, pointing to marginally firmer optimism about near-term demand.
- Traffic of prospective buyers held steady at 26, indicating buyer engagement remains subdued despite the uptick in confidence.
- The share of builders reporting price cuts was 40% in December, down slightly from 41% in November but still elevated by recent standards.
- The average price reduction narrowed to 5% (from 6% in November), signaling slightly less aggressive discounting.
- Sales incentives were used by 67% of builders, the highest share in the post-Covid period, underscoring continued reliance on non-price measures to support sales.
Builder confidence edged higher in November, with the NAHB Housing Market Index rising +1 pt to 38, reflecting a slight improvement but still subdued sentiment amid affordability pressures.
- Current sales conditions increased +2 pts to 41, indicating modestly better assessments of ongoing single-family home sales.
- Sales expectations for the next six months fell -3 pts to 51, suggesting builders grew slightly less optimistic about near-term demand.
- Traffic of prospective buyers rose +1 pt to 26, showing only a small pickup in buyer engagement and remaining at low levels.
- Price cuts were reported by 41% of builders, the highest share in the post-Covid period and the first time this metric has exceeded 40%, underscoring persistent affordability challenges.
- The average price reduction held at 6%, matching October and indicating stable but meaningful discounting.
- Sales incentives were used by 65% of builders, unchanged from the prior two months, showing ongoing reliance on incentives to support demand.
Builder confidence improved in October, with the NAHB Housing Market Index rising +5 pts to 37, the highest since April, signaling a modest rebound in single-family home sentiment.
- Current sales conditions rose +4 pts to 38, suggesting slightly better current activity.
- Sales expectations for the next six months jumped +9 pts to 54, indicating stronger builder optimism for near-term demand.
- Traffic of prospective buyers increased +4 pts to 25, reflecting mild improvement but still subdued buyer engagement.
- 38% of builders reported price cuts in October, consistent with recent months’ 37–39% range, highlighting ongoing affordability challenges.
- The average price reduction widened to 6% (prev. 5%), the largest discount level since October 2024.
- Sales incentives were used by 65% of builders, unchanged from September, showing continued reliance on promotions to sustain demand.
Builder confidence held steady in September, with the NAHB Housing Market Index unchanged at 32, reflecting ongoing softness in the single-family housing market.
- Current sales conditions remained at 35, indicating stability but still subdued activity.
- Sales expectations for the next six months rose +2 pts to 45, pointing to slightly firmer outlooks.
- Traffic of prospective buyers fell -1 pt to 21, underscoring persistently weak demand.
- 39% of builders reported cutting prices, up from 37% in August and the highest share in the post-Covid period.
- The average price reduction held at 5% for the tenth straight month, showing consistent discounting.
- Sales incentives were used by 65% of builders, little changed from 66% in August, highlighting ongoing efforts to support demand.
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%.

NAHB Housing Market Index

Latest Updates

HMI Key Findings: March 2026