William Blair：2025年经济周评：房地产市场是否发生了根本性的变化？（英文版）

The National Association of Homebuilders (NAHB) is normally not a joyous bunch even at the best of times, and its August survey results suggest that its mood has continued to darken. The Homeowners Sentiment Index fell to 32—the lowest level since December 2022 (a reading above/below 50 marks expansion/contraction in sentiment). Nevertheless, this is not the message we are seeing from investors. The S&P Homebuilder Index has increased by 32% since early June, against the S&P 500 Index