Builder Confidence Rallies to Pre-Pandemic Level in July
The National Association of Home Builders/Wells Fargo Housing Market Index now stands at the solid pre-pandemic reading in March, before the outbreak affected much of the nation.
Builder confidence in the market for newly built single-family homes jumped 14 points to 72 in July, according to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The HMI now stands at the solid pre-pandemic reading in March, before the outbreak affected much of the nation.
“Builders are seeing strong traffic and lots of interest in new construction as existing home inventory remains lean,” said Chuck Fowke, NAHB chairman and a custom home builder from Tampa, Fla. “Moreover, builders in the Northeast and the Midwest are benefiting from demand that was sidelined during lockdowns in the spring. Low interest rates are also fueling demand, and we expect housing to lead an overall economic recovery.”