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A report by the National Federation of Household Builders in the United States on Monday showed a larger-than-expected decline in confidence in construction companies this month.
The National Union of Housing/Wells Fargo Housing Builders Index for Construction Confidence fell in October by 3 points to 29 points, up from 32 points last month, while analysts had expected the index to fall to 31 points.
With the larger-than-expected decline, the index fell to its lowest level since June 2012, according to the German news agency DPA.
Robert Dayts, the EU’s chief economic analyst, said: “The housing market is still shrinking due to supply-side constraints and the challenges of affordability. Demand continues, but higher mortgage interest rates, higher construction expenses, and weak consumer confidence keep more potential buyers out of the market.
“As a result, buyers’ movement is falling to its lowest level since April 2012, with the coronavirus pandemic period in April 2020 excluded.”
The National Union of Home Builders said that the movement index of potential buyers fell in October to 18 points, compared to 23 points in September.
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