The National Association of Homebuilders reported a two-point increase in builder confidence in May. The NAHB Housing Market Index reading increased from 68 in April to 70, which was the second-highest reading since the economic recovery started. May's reading exceeded analyst expectations of a flat reading for May. Builder confidence rose as demand for homes continued to rise; this factor overrode builder obstacles including higher prices for lots and ongoing labor shortages. A new tariff on lumber was also expected to dampen builder confidence.
According to the National Association of Home Builders Housing Market Index for March, builder confidence in market conditions reached its highest level in 12 years and was six points higher than February's index reading of 65.
Builder confidence in markets for new homes fell three points in February to a reading of 58. January's reading was revised upward to 61. Builders have repeatedly expressed concerns shortages of labor and lots for development, but continue to express confidence in future sales conditions.
Last week's scheduled economic reports included the NAHB Housing Market Index, Housing Starts, FOMC statement and Fed Chair Janet Yellen's press conference. In addition to weekly reports on jobless claims and mortgage rates, inflation reports were also released.
Last week's economic news included the National Association of Home Builders Index, Housing Starts and FHFA's report on August home sales. The National Association of Realtors released its monthly report on sales of previously owned homes.
Last week's economic news included an encouraging report from the National Association of Home Builders, whose housing market index held steady with a reading of 60 in July. This was the 13th consecutive month for readings over 50, which indicate that more builders are confident about housing markets than those who are not. July's reading was noteworthy as it was the highest since November 2005 prior to the recession.
Home builder confidence remained steady at the highest reading in almost ten years according to the National Association of Home Builders (NAHB) Wells Fargo Housing Market Index for July.
Last week's economic news included National Association of Home Builders / Wells Fargo (NAHB) Housing Market Index and Commerce Department reports on Housing Starts and Building Permits, the post-meeting statement of the Fed's Federal Open Market Committee (FOMC), and Fed Chair Janet Yellen's scheduled press conference.
The National Association of Home Builders (NAHB) reported that April's Housing Market Index rose from a reading of 52 in March to 56 for April. This is in line with warmer weather and the peak home buying season in spring and summer. Readings over 50 indicate that more builders view market conditions as positive as those who do not. NAHB members cited lower mortgage rates and better labor market conditions as reasons they expect more home buyers to enter the market.