Affordability concerns flatten builder confidence

Elevated mortgage rates, weak buyer traffic and ongoing supply-side challenges continued to deplete builder confidence in August, as sentiment levels remain in a holding pattern at a low level. Builder confidence in the market for newly built single-family homes was 32 in August, down one point from July. Builder sentiment has now been in negative territory for 16 consecutive months and has hovered at a relatively low reading between 32 and 34 since May.