US Builder Sentiment Up for Sixth Consecutive Month in June
Builder Confidence Moves into Positive Territory in June
On Monday (6-19-23), 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 5 points in June to a reading of 55. This marks the sixth consecutive monthly gain and the first time it has surpassed the midpoint of 50 since July 2022.
All three HMI components posted gains in June. The HMI index gauging current sales conditions increased five points to a reading of 61. The HMI component that charts sales expectations in the next six months rose six points to a reading of 62. The HMI component that measures traffic of prospective buyers increased four points to a reading of 37.
Looking at the three-month moving averages for regional HMI scores, the Northeast increased two points to a reading of 47; the Midwest was up four points to a reading of 43; the South increased three points to a reading of 55; and the West posted a five-point gain to a reading of 46.
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