US Homebuilder Sentiment Barely Rises Despite Record Price Cuts

US homebuilders’ confidence barely rose this month as they struggled to lure cautious buyers off the sidelines with costly sales incentives.

An index of market conditions from the National Association of Home Builders and Wells Fargo ticked up 1 point in November to 38. A value below 50 means more builders see conditions as poor than good. Economists surveyed by Bloomberg estimated sentiment to hold at 37.

In November, 41% of builders reported cutting prices, a record in the post-Covid period, according to Tuesday’s report. More broadly, 65% reported using sales incentives, unchanged from the prior two months.

Despite lower ...