Each month, Zonda surveys builders across the country to gauge sentiment around the housing market. This survey is intended to supplement Zonda’s proprietary database by asking builders more qualitative questions.
The anonymous survey covers everything from consumer sentiment to broader macroeconomic topics like tariffs and immigration. Results are tracked over time and analyzed geographically to capture real-time shifts in builder and consumer confidence.
Below are three key takeaways from the September responses:
- Eighty-four percent of builders reported slow demand.
- Price cuts made a noticeable comeback.
- Labor challenges have tangible impacts.
Eighty-four percent of builders reported slow demand.
September was a difficult month for the home building industry. The share of builders reporting that “demand is slower than expected and causing concern” jumped to 60%, the highest level since July 2025. Meanwhile, another 24% responded that “demand is slower than expected but not worrisome.”
Comments underscored just how difficult conditions feel on the ground. As one builder put it, “This was the worst fall housing market I’ve seen since 2007.” Builders pointed to a range of headwinds, including:
• Rapidly rising interest rates
• Higher gas prices
• Geopolitical uncertainty
• Consumer fear and hesitation
• Limited funds available for down payments
• Distractions related to the midterm elections
The insights in this article were taken from a more detailed monthly review of the survey’s findings published in Zonda’s National Outlook.
