US home builder sentiment falls again in November - NAHB

US home builder sentiment fell in November for the 11th month in a row amid high interest rates and rising costs, according to the National Association of Home Builders.

The NAHB index of homebuilder activity and sentiment declined to 33 from 38 the month before, coming in below expectations of 36.

"Higher interest rates have significantly weakened demand for new homes as buyer traffic is becoming increasingly scarce," said NAHB chairman Jerry Konter.

"With the housing sector in a recession, the Biden administration and new Congress must turn their focus to policies that lower the cost of building and allow the nation’s home builders to expand housing production."

NAHB chief economist Robert Dietz said that even as home prices moderate, building costs, labour and materials - particularly for concrete - have yet to follow.

"To ease the worsening housing affordability crisis, policymakers must seek solutions that create more affordable and attainable housing. With inflation showing signs of moderating, this includes a reduction in the pace of the Federal Reserve’s rate hikes and reducing regulatory costs associated with land development and home construction."