A builders index slipped 2 points from the previous month to 34, extending a 27-reading stretch below neutral and landing slightly under expectations.
Industry leaders said many buyers stayed sidelined, waiting for lower mortgage rates, clearer inflation direction, and a steadier economic outlook before committing.
The three survey components also softened: current sales hit 37, expected sales for the next six months reached 43, and buyer traffic fell to 23.
Affordability remained the main hurdle for builders, with elevated mortgage rates, costly land, rising materials, and skilled labor shortages continuing to pressure the market.
Builders viewed the newly enacted housing law as a step that could expand supply and lower costs, though implementation and policy changes remain needed.
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