US home-builder confidence slipped in August, with the National Association of Home Builders/Wells Fargo Housing Market Index falling one point to 32. The reading disappointed economists who had expected an uptick to 34 and matches the lowest level recorded since December 2022. Sentiment has remained below the neutral 50 mark for 16 consecutive months. Underlying components were mixed: the gauge of current single-family sales declined to 35 from 36, while sales expectations for the next six months held at 43 and traffic of prospective buyers edged up to 22 from 20. Builders are combating high borrowing costs—Freddie Mac puts the average 30-year fixed mortgage near 6.7%—by increasing incentives. The share of firms cutting prices held at 37%, and 66% offered other concessions, the highest since the pandemic. The Northeast recorded the sharpest drop in regional confidence, mirroring a market where affordability and regulatory hurdles continue to weigh on demand.