For the ninth straight month, homebuilder confidence has declined.

With the exception of spring 2020 when COVID-19 hit, homebuilder confidence is at its lowest level since 2014. 

The National Association of Home Builders/Wells Fargo Housing Market Index gauges builder perceptions of current single-family homes sales, traffic of prospective buyers and expectations for the next six months. Anything over 50 is considered good. September’s homebuilder index is 46. 

High home prices, rising mortgage rates and supply chain disruptions for materials are taking a toll.

More than half of builders surveyed are using incentives to boost sales, including free amenities and price reductions.