American home builders' confidence edged up slightly after the budget bill was passed.

In July, confidence among American home builders rose slightly from a low point of over two years, but companies relying on price cuts to entice buyers are increasing. The Real Estate Market Conditions Index, jointly released by the National Association of Home Builders and Wells Fargo, rose by 1 point this month to 33, but still remains one of the lowest values since the end of 2022. This result is in line with the median estimate of economists surveyed by Bloomberg. It is worth noting that 38% of builders reported price cuts in July, the highest percentage since the NAHB began tracking this data monthly in 2022, indicating that buyers lack the motivation to purchase due to limited affordability and mortgage rates nearing 7%. The proportion of builders using sales incentives remained unchanged at 62%.