Builder confidence in the single-family housing market declined, with the Housing Market Index falling three points to 32. Current sales conditions dropped to 35, sales expectations for the next six months fell to 37, while buyer traffic remained at 23. In September, 38% of builders reduced prices by an average of 6%, and 66% offered sales incentives, the highest since December. Rising interest rates, material costs, and economic factors continue to challenge the market.
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