US homebuilder sentiment tumbles to near 14-1/2-year low in October

The monthly builder-confidence index fell to a near 14½-year low amid high mortgage rates and affordability concerns. Reuters reports that 43% of builders cut prices in October and 65% used sales incentives; builders described weak buyer traffic and pressure on prospective buyers.

The recurring survey offers a consistent monthly indicator, while price-cut and incentive figures show how builders are responding to reduced demand. High housing costs limit where people can live, whether they can move for work and how much income remains for other needs.