Builder sentiment in the market for single-family homes tumbled in September to the lowest level in two years, indicating the housing market is officially in a recession.
For the first time in 17 months, the average home is selling for less than its list price, but high mortgage rates are still impacting what people can afford.
The National Association of Home Builders/Wells Fargo Housing Market Index, which measures the pulse of the single-family housing market, fell for the ninth consecutive month to 46, marking the worst stretch for the housing market since the 2008 financial crisis. The index has fallen considerably from just one year ago, when it stood at 76. It peaked at a 35-year high of 90 in November 2020, buoyed by record-low interest rates at the same time that American homebuyers – flush with cash and eager for more space during the pandemic – started flocking to the suburbs.
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