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Housing Market Gets a Vote of Confidence from Builders

first_img Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago January 17, 2018 1,687 Views The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago builders Buyers Confidence Homes HOUSING market Sales tax bill 2018-01-17 Staff Writer Subscribe  Print This Post Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago After reaching an 18-year high of 74 points in December, builder confidence for newly built single-family homes dropped slightly in January to 72 on the National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index (HMI). Despite this fall, builders remain confident about the year ahead as demand for housing rises along with an overall strong economy. “Builders are confident that changes to the tax code will promote the small business sector and boost broader economic growth,” said Randy Noel, Chairman of NAHB, on the overall confidence of NAHB members in the housing market.The monthly HMI index gauges builder perceptions of current single-family home sales and sales expectations for the next six months on a scale of good, fair, or poor. The survey also asks NAHB members to rate traffic of prospective buyers. Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good rather than poor.The three HMI components posted minor losses in January with the index measuring buyer traffic falling four points to 54, the component charting current sales conditions dropping one point to 79, and the component gauging sales expectations for the next six months falling a point to 78.“The HMI gauge for future sales expectations has remained in the 70s, a sign that housing demand should continue to grow in 2018. As the overall economy strengthens, owner-occupied household formation increases, and supply of existing home inventories tightens, we can expect the single-family housing market to make further gains this year,” said Robert Dietz, Chief Economist at NAHB.Looking at the three-month moving averages for regional HMI scores, the Western region rose two points to 81, the South increased one point to 73, the Midwest rose a single point to 70, and the Northeast climbed five points to 59. Related Articles Share Savecenter_img Housing Market Gets a Vote of Confidence from Builders in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Housing Market Gets a Vote of Confidence from Builders Demand Propels Home Prices Upward 2 days ago Previous: After Delay, Powell and Montgomery Noms Proceed to Full Senate Next: Mortgage & LGBT Leaders Collaborate for Diversity in Chicago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Tagged with: builders Buyers Confidence Homes HOUSING market Sales tax billlast_img read more