A worker saws a section of lumber inside a home under construction. Photographer: Ty Wright/Bloomberg
Sentiment among U.S. homebuilders fell in December to the lowest level since 2015, missing all forecasts and signaling that the industry's struggles are intensifying amid elevated prices and higher borrowing costs.
The National Association of Home Builders/Wells Fargo Housing Market Index dropped to 56 from 60 in the prior month amid broad-based declines across sales, expectations and buyer traffic, data released Monday showed. The median estimate in Bloomberg's survey had called for it to hold at 60. With November's eight-point decrease, it was the biggest two-month decline since October 2001.
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