Homebuilders across the country aren’t exactly throwing confetti yet, but confidence did tick slightly higher in November — a sign that the housing market in places like Snohomish, Mill Creek, and Edmonds may be inching in the right direction, even if slowly.
According to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index, builder confidence rose from 37 in October to 38 in November. That still sits well below the benchmark reading of 50 that signals expansion, marking the 19th month in a row that builders remain in cautious territory.
When looking closer at the components of the index, the story becomes more nuanced:
Current sales conditions improved by two points, reaching 41.
Buyer traffic nudged up by one point to 26 — better, but still considered very weak.
Expectations for the next six months slipped three points to 51, remaining slightly positive but showing builders aren’t anticipating a major surge in demand anytime soon.
For buyers in Snohomish, Mill Creek, and Edmonds, this confirms what many are already seeing on the ground: inventory is growing, but activity is still quiet as affordability challenges keep some buyers waiting for better conditions.
Even though mortgage rates have eased from their recent peaks, they remain high enough to price out a portion of would-be buyers. That tension is especially noticeable in areas like Mill Creek and Edmonds, where strong demand meets limited supply and higher home values.
Builders are feeling the pressure too — not because their homes aren’t desirable, but because monthly payments remain out of reach for many households until mortgage rates drop more meaningfully.
A sustained reduction in rates could unlock the next wave of buyers in the Snohomish County region, but for now, affordability remains the top challenge keeping builder confidence muted.
One major shift in November’s report is the uptick in pricing adjustments. NAHB found that:
41% of builders cut prices in November — the highest share since the early COVID market disruptions.
The average price reduction was 6%.
65% of builders used sales incentives, matching levels seen in September and October.
This means builders will continue offering financial incentives to help buyers push past affordability barriers — something buyers in Snohomish, Edmonds, and Mill Creek may start noticing more often in new-construction communities.
The three-month moving averages show how different regions are handling today’s conditions:
Northeast: 48
Midwest: 41
South: 34
West: 30
The West — which includes Washington — is facing deeper affordability challenges compared to other regions. Higher home prices combined with elevated mortgage rates make it tougher for buyers to qualify, which directly impacts builder confidence in areas like Snohomish County and the North Puget Sound region.
Even with builder confidence remaining subdued, this environment creates opportunities for well-prepared buyers:
More incentives and discounts from builders mean better deals for buyers willing to shop new construction.
Improving (but still cautious) confidence suggests builders are optimistic about the near future, especially if rates trend lower.
Buyers who get pre-approved early can position themselves to act quickly when affordability improves.
Whether you're buying a first home, upgrading into something larger, or exploring new-construction options in Snohomish, Mill Creek, or Edmonds, now is a good moment to start preparing.
Home Right Lending is here to guide you through your options and help you understand how today’s rates, incentives, and programs can work in your favor.