United States Nahb Housing Market Index

Last Release

Sep 30, 2025

Actual

Units In

N/A

Frequency

Monthly

Next Release

Oct 16, 2025

Time to Release

28 Days 6 Hours

Highest	Lowest	Average	Date Range	Source
90 Nov 2020	8 Jan 2009	51.52	1985-2025	National Association of Home Builders

NAHB/Wells Fargo Housing Market Index (HMI) is based on a monthly survey of home builders. They are asked to rate current sales of single-family homes and sales expectations for the next six months and to rate traffic of prospective buyers. Scores for responses to each component are used to calculate a seasonally adjusted overall index, where a number over 50 indicates more builders view sales conditions as good than poor.

Latest Updates

The NAHB/Wells Fargo Housing Market Index (HMI) held steady at 32 in September 2025, the same as in August and June, and matching the lowest level since December 2022. The reading fell short of market expectations of 33, underscoring persistent weakness in the housing market. Current sales conditions remained steady at 35, while buyer traffic slipped one point to 21. In contrast, sales expectations for the next six months rose two points to 45. The latest HMI survey also highlighted deepening challenges: 39% of builders reported cutting home prices in September, up from 37% in August and marking the highest share since the Covid-19 pandemic. The average price reduction stood at 5%, a level unchanged since last November. Meanwhile, the use of sales incentives remained elevated at 65%, nearly steady from 66% in August.