Key measure of housing market health plunges to lowest level in years
A gauge of US homebuilder sentiment fell unexpectedly in August, slipping back to its lowest level in more than two-and-a-half years.
More than a third of residential construction firms said they're cutting prices and roughly two-thirds of them reported offering incentives to lure buyers.
On Monday, the National Association of Home Builders and Wells Fargo Housing Market Index fell to 32, matching the lowest reading since December 2022.
Homebuilding sentiment dipped to 32 in June before gaining a point in July.
Today's reading is worse than expected - economists polled by Reuters had expected the sentiment score to improve to 34.
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