NAHB Builder Confidence Index Holds at 34 for 15th Consecutive Month Below 50
The NAHB/Wells Fargo Housing Market Index fell two points to 34 in July 2026, its lowest reading this year alongside April, as all three component indices declined and 37% of builders reported cutting prices. The index has remained below the breakeven threshold of 50 for 15 straight months, a streak last matched during the 2011–2012 foreclosure crisis, with mid-6% mortgage rates, rising material costs, and labor shortages cited as the primary drivers. Regional data show the West at a sentiment low of 26 while the Northeast and Midwest each reached 45, underscoring significant geographic variation within an otherwise range-bound national picture.