US homebuilder sentiment drops to year-low

According to the National Association of Home Builders/Wells Fargo Housing Market Index, U.S. homebuilder confidence dropped to the lowest level seen since 2022 in November.

The index measured homebuilder sentiment at 34 in November, six points down from the month prior.

Anything below 50 points is considered a negative sentiment.

Housing industry analysts previously predicted that homebuilder sentiment would remain steady with October’s figures.