U.S. Homebuilder Confidence Improves Much More Than Expected In February
(RTTNews) - A report released by the National Association of Home Builders on Wednesday showed a much bigger than expected improvement in U.S. homebuilder confidence in the month of February.
The report said the NAHB/Wells Fargo Housing Market Index jumped to 42 in February from 35 in January. Economists had expected the index to inch up to 37.
With the much bigger than expected increase, the housing market index reached its highest level since hitting 46 last September.
"While the HMI remains below the breakeven level of 50, the increase from 31 to 42 from December to February is a positive sign for the market," said NAHB Chief Economist Robert Dietz.
He added, "Even as the Federal Reserve continues to tighten monetary policy conditions, forecasts indicate that the housing market has passed peak mortgage rates for this cycle."
The bigger than expected jump by the housing market index came as all three component indices posted gains for the second consecutive month.
The index gauging current sales conditions surged to 46 in February from 40 in January, the component charting sales expectations in the next six months spiked to 48 from 37, and the gauge measuring traffic of prospective buyers jumped to 29 from 23.
On Thursday, the Commerce Department is scheduled to release its report on new residential construction in the month of January.
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