The NAHB/Wells Fargo Housing Market Index in the US edged up to 33 in July 2025 from 32 in June which was the lowest reading since December 2022, matching market expectations. “The passage of the One Big Beautiful Bill Act provided a number of important wins for households, home builders and small businesses. While this new law should provide economic momentum after a disappointing spring, the housing sector has weakened in 2025 due to poor affordability conditions, particularly from elevated interest rates”, said NAHB Chairman Buddy Hughes. Indeed, 38% of builders reported cutting prices in July, the highest percentage since NAHB began tracking this figure on a monthly basis in 2022. Meanwhile, the current sales conditions rose one point to 36, and sales expectations for the next six months increased three points to 43. On the other hand, traffic of prospective buyers fell one point to 20.