U.S. home builder confidence fell to 32 in June, according to the National Association of Home Builders/Wells Fargo Housing Market Index — the third-lowest reading since 2012, according to Landscape Architect.

Only December 2022 (31) and April 2020 (30) were lower.

NAHB Chairman Buddy Hughes cited high mortgage rates and economic uncertainty as key factors pushing buyers to the sidelines.

Builders are increasingly cutting prices to attract hesitant buyers.

All three index components declined by two points, including buyer traffic, now at 21.

Regionally, the South and West saw the steepest declines, falling to 33 and 28, respectively.

Read more at Landscape Architect.