U.S. Housing Market Index Unexpectedly Inches Up To Nine-Month High In January

RTTNews | 236 gün önce

(RTTNews) - Reflecting hopes for an improved economic growth and regulatory environment, the National Association of Home Builders released a report on Thursday unexpectedly showing a modest improvement by U.S. homebuilder confidence in the month of January.

The report said the NAHB/Wells Fargo Housing Market Index crept up to 47 in January from 46 in December. Economists had expected the index to edge down to 45.

With the unexpected uptick, the housing market index reached its highest level since hitting 51 in April 2024.

"NAHB is forecasting a slight gain for single-family housing starts in 2025, as the market faces offsetting upside and downside risks from an improving regulatory outlook and ongoing elevated interest rates," said NAHB Chief Economist Robert Dietz.

He added, "And while ongoing, but slower easing from the Federal Reserve should help financing for private builders currently squeezed out of some local markets, builders report cancellations are climbing as a direct result of mortgage rates rising back up near 7%."

The modest increase by the headline index came as the index gauging current sales conditions climbed to 51 in January from 48 in December and the gauge charting traffic of prospective buyers rose to 33 in January from 31 in December.

Meanwhile, the component measuring sales expectations in the next six months slumped to 60 January from 66 in December due in part to the elevated interest rate environment.

"While this serves as a cautionary note, the future sales component is still the highest of the three sub-indices and well above the breakeven level of 50," the NAHB said.

The report also said 30 percent of builders cut home prices in January, with the share remaining in a range of 30 percent to 33 percent since last July. The average price reduction in January was 5 percent, unchanged from December.

Etiketler: USD

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