Another month, another God-awful read on the marquee gauge of US homebuilder moods.

Does anyone care? (Is this thing on?) Probably not, but for whatever it’s worth, the NAHB headline printed 35 for August in Monday’s release.

In a testament to just how challenging the current environment really is, that was actually a touch better than consensus, which expected 33.

As the figure shows, August marks the 28th consecutive month below the threshold separating net optimism from pessimism. Since the summer of 2022, the NAHB headline has managed just four readings above 50.

Bill Owens — who builds and remodels homes in Ohio and holds the NAHB chairmanship currently — blamed elevated fuel costs and affordability for the dour mood among his peers. “Rising gas and diesel prices are pushing up material costs, and spec home building remains weak as many prospective buyers stay on the sidelines,” Owens said Monday.

The main forward-looking metric from the release suggested little in the way of “hope.”

As the figure shows, the future sales gauge stuck at 43, the same as July and the second-lowest in a year.

Last week’s update on existing home sales from the NAR showed closings fell a second month in July, while separate data from Redfin suggested sales were the lowest in two years last month. Mortgage rates are loitering near 6.75%, up sharply since the start of the war.

“August marked the 16th straight month that at least 30% of builders reported cutting prices to support demand, as well as the 16th consecutive month with the HMI below 40,” long-time NAHB chief economist Robert Dietz sighed.

The latest sales figures from Redfin suggest contract activity picked up at the margins early this month but remains constrained by elevated borrowing costs.

“The weekly average mortgage rate is 6.69%, its highest level in over a year,” Dana Anderson said, noting that the median monthly housing payment rose 1.7% YoY to $2,626 in the four weeks to August 9. “Some house hunters are also turned off by the topsy turvy economy,” she added.