From Dallas Express · Dallas Express · · 50s
Builders Slash Home Prices As Confidence Sinks To 14-Year Low
Dallas homebuilders cut prices as confidence hits 14-year low.
In brief
Dallas homebuilders cut prices as confidence hits 14-year low. Dallas homebuilders cut prices amid 14-year low confidence as mortgage rates rise. Originally reported by Dallas Express.
Homebuilder confidence sinks
Homebuilder confidence sank to a 14-year low in October as mortgage rates rose.
43% cut prices
43% of builders reported price cuts amid rising mortgage rates and construction costs.
Index falls to 29
The NAHB/Wells Fargo index fell three points to 29, its weakest since June 2012.
Sales incentives widespread
65% of builders reported sales incentives, the 19th consecutive month with at least 60% using them.
Dallas-Fort Worth sales weaken
Dallas-Fort Worth home sales fell 7% year-over-year to 6,759 in September.
Mortgage rates rise
The average 30-year mortgage rate rose to 7.40% from 6.66% in August.
In short
Dallas homebuilders cut prices amid 14-year low confidence as mortgage rates rise.
