NAHB/Wells Fargo Housing Market Index

The NAHB/Wells Fargo Housing Market Index (HMI) fell three points to 32 in September 2026, down from 35 in August. The index was released by the National Association of Home Builders (NAHB) on September 16, 2026.

Among the sub-components, the gauge of current sales conditions declined four points to 35, while the index tracking sales expectations for the next six months dropped six points to 37. The sub-index measuring traffic of prospective buyers held steady at 23, unchanged from the prior month.

The share of builders reducing prices rose to 38% from 35% in August, while the average price cut remained at 6% for the sixth consecutive month. The proportion of builders using sales incentives also increased to 66% from 63% in August. Elevated mortgage rates and rising construction costs continued to weigh on builder confidence.

The National Association of Home Builders (NAHB) released its NAHB/Wells Fargo Housing Market Index (HMI) for August 2026 on August 18, showing a one-point increase to 35 from 34 in July. The index remains well below the threshold of 50, reflecting continued caution among single-family home builders.

Among the sub-components, the current sales conditions index rose two points to 39, while the six-month sales outlook index held steady at 43 and the prospective buyer traffic index was unchanged at 23. The share of builders offering price cuts edged down to 35% from 37% in July, though the average price reduction remained at 6% and the share providing sales incentives was flat at 63%.

Looking at three-month moving averages by region, the Northeast fell one point to 44, the Midwest held steady at 45, the South declined two points to 31, and the West was unchanged at 27. NAHB indicated that ongoing affordability pressures continue to keep builder confidence at a low level.

The NAHB/Wells Fargo Housing Market Index (HMI), released by the National Association of Home Builders (NAHB) on July 16, fell two points to 34 in July, down from an upwardly revised reading of 36 in June, marking two consecutive months of decline.

All three components of the index moved lower month-over-month: current single-family sales conditions slipped one point to 37, sales expectations for the next six months dropped two points to 43, and traffic of prospective buyers declined two points to 23. Builder sentiment has now remained below 40 for 15 consecutive months, the longest such stretch since 2012.

NAHB cited persistently elevated mortgage rates, rising material costs, high land prices, and skilled labor shortages as the primary factors constraining housing affordability. The share of builders cutting prices rose to 37% in July from 35% in June, though the average price reduction held steady at 6%.

The National Association of Home Builders (NAHB) reported on June 15 that the NAHB/Wells Fargo Housing Market Index fell two points to 35 in June 2026, down from 37 in May. The index remained below the 50 breakeven level, marking a 14th straight month under 40.

Among components, current sales conditions fell two points to 38, sales expectations for the next six months held at 45, and prospective buyer traffic was unchanged at 25. Regionally, the Northeast rose six points to 50 while the South fell seven points to 29.

The share of builders cutting prices rose to 35% from 32% in May, with the average reduction steady at 6%. NAHB said persistent affordability challenges continue to weigh on the housing market.