Homebuilder confidence crashed to 29 in October, a 14-year low, down from 32 and below the 31 expected. NAHB's Bill Owens points to mortgage rates above 7%, higher gas and inflation, and construction

What happened: American homebuilder confidence fell to 29 in October from 32 in September, a 14-year low, according to the NAHB HMI survey. All three major HMI indices posted losses. Key numbers: HMI 29 vs 31 expected; current sales 33, future sales 32, buyer traffic 18; mortgage rates above 7% (7.5% cited); 43% of builders cut prices, average cut 6%; 65% used Why it matters: NAHB cited mortgage rates above 7%, higher gas prices and inflation weakening buyer traffic, with buyer traffic at its lowest since April 2012 excluding the pandemic onset. Builders signaled no rush to add new supply.

American homebuilder confidence fell to 29 in October from 32 in September, a 14-year low, according to the NAHB HMI survey. All three major HMI indices posted losses.

NAHB cited mortgage rates above 7%, higher gas prices and inflation weakening buyer traffic, with buyer traffic at its lowest since April 2012 excluding the pandemic onset. Builders signaled no rush to add new supply.