The numbers: The National Association of Home Builders’ (NAHB) monthly confidence index fell 5 points to 33 in November, the trade group said on Wednesday.
It’s the record eleventh month in a row that the index has fallen.
Outside of the pandemic, the November reading is the lowest level since June 2012.
Last November, builder sentiment stood at 83.
Key details: All three gauges that underpin the index fell in November.
- The gauge that marks current sales condition fell 6 points to 39
- The component that assesses sales expectations 4 points to 31
- And the gauge that measures traffic of prospective buyers fell 5 points to 20.
Big picture: The Federal Reserve’s rapid increase in interest rates has made home ownership less affordable. Builders are still facing higher prices and are now calling on lawmakers in Washington to lower the regulatory costs associated with land development and home construction.