US Builder Sentiment Up for Seventh Consecutive Month in July
Original Source:
Builder Confidence Edges Higher Despite Rising Rate Concerns
Builder Confidence Edges Higher Despite Rising Rate Concerns
On Tuesday (7-18-23), the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes increased 1 point in July to a reading of 56. This is the seventh consecutive monthly gain and the highest level since June 2022.
Two out of the three HMI components posted gains in July:
- The HMI index gauging current sales conditions increased one point to a reading of 62.
- The HMI component that measures traffic of prospective buyers increased three points to a reading of 40.
- The HMI component that charts sales expectations in the next six months declined two points to a reading of 60.
Looking at the three-month moving averages for regional HMI scores, the Northeast increased five points to a reading of 52; the Midwest was up two points to a reading of 45; the South increased three points to a reading of 58; and the West posted a five-point gain to a reading of 51.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.