Economic DataShare on X
The National Association of Home Builders homebuilder index falls to 29, its lowest level since 2012
Published
Why it matters
Builder sentiment at a level unseen since 2012 points to a deterioration that has run well beyond the prior months of weak readings, when the index had already stayed below the 50 break-even mark for more than two years and spent over a year under 40. The drop signals that elevated mortgage rates, high land costs and tariff-driven material costs are now compounding rather than easing, with affordability constraints cited repeatedly as the persistent drag on new single-family construction. A reading this low raises the odds that builders pull back further on starts and incentives, which would ripple into construction employment and related spending just as housing remains a soft spot in broader growth data.