U.S. homebuilder sentiment fell to its lowest level in seven months in March, as rising tariffs on imported materials have driven up construction costs, according to the latest survey from the National Association of Home Builders (NAHB) and Wells Fargo.
The Housing Market Index (HMI) dropped three points to 39—the lowest reading since August—well below economists’ expectations of 42.
The decline in builder confidence has erased the gains seen after President Donald Trump’s election victory last November and mirrors similar drops in consumer sentiment. In recent weeks, Trump imposed and then suspended a 25% tariff on most goods from Canada and Mexico—measures that would have raised U.S. duties on Canadian lumber to nearly 40%—while tariffs on Chinese goods increased to 20% and new levies on steel and aluminum went into effect.
“Construction firms are facing added cost pressures from tariffs,” said NAHB chief economist Robert Dietz. “Data from the HMI March survey reveals that builders estimate a typical cost effect from recent tariff actions at $9,200 per home. Uncertainty on policy is also having a negative impact on home buyers and development decisions.”
New home construction is particularly vulnerable, as it relies heavily on imported materials such as lumber and essential household appliances. The survey further noted that current sales conditions fell to 43—the lowest level since December 2023—from 46 in February. While sales expectations for the next six months remained unchanged at 47, the measure of prospective buyer traffic dropped to 24 from 29 in the previous month.
With mounting cost pressures and policy uncertainty, industry analysts warn that the ongoing trade measures could dampen construction activity and slow down the recovery in the housing market, potentially affecting the broader economy.
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