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Builder Confidence Dips as Industry Gauges Market Conditions

Builder confidence continues to falter, with the national Housing Market Index (HMI) falling to 32, a 29% drop year over year. Confidence in the Western U.S. remains especially low, with an HMI of just 22. The HMI, based on a monthly NAHB survey, reflects how builders view current and future conditions in the single-family housing market.

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This weekend, Shannon took a moment to talk to our president, Joseph Irons of Irons Brothers Construction, at the Membership Appreciation Picnic at Remlinger Farms.

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Contact: data@mbaks.com

While our local inventory is rising, we are still the lowest in Washington State, with the state average at 2.17. Months of inventory in June 2024 were Snohomish (1.37), King (1.94), and Pierce (2.00). As the inventory grows, it is evident that mortgage rates are a large player in affordability regarding housing market worries.

Read the full July Builders Bulletin: