High interest rates, rising material costs and labor shortages are suppressing U.S. homebuilding, threatening to prolong a housing shortage that Realtor.com estimates exceeded 4 million homes by the end of 2025. The NAHB/Wells Fargo Housing Index fell to 29 in October, below the 50 level that separates good from poor conditions, and 43% of builders cut prices, the highest share since 2020. The average 30-year mortgage rate climbed to 7.4% this month, its highest since November 2023. Single-family starts fell 4.6% in September from August and are down 4% so far in 2026. The housing act that became law without the president's signature in July aims to ease construction and zoning rules, but experts say its benefits will take years to appear.
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