Homebuilder Confidence Hits Seven-Year High
NAHB predicts 29 percent increase in housing starts this year, which would put housing starts at the 1 million mark for the first time since 2007.
Homebuilder confidence is at its highest level in seven years, reaching a big milestone in June, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The index, which measures homebuilder sentiment over the new-home market, rose eight points in June to 52 — any reading above 50 indicates that more builders view sales conditions as good rather than poor.
"This is the first time the HMI has been above 50 since April 2006, and surpassing this important benchmark reflects the fact that builders are seeing better market conditions as demand for new homes increases," says NAHB Chairman Rick Judson. "With the low inventory of existing homes, an increasing number of buyers are gravitating toward new homes."
The index measures builders’ perceptions of single-family home sales, buyer traffic, and sales expectations for the next six months. The index measuring just builders’ expectations for future sales surged nine points in June to 61, reaching its highest level since March 2006.
"Builders are experiencing some relief in the headwinds that are holding back a more robust recovery," says NAHB Chief Economist David Crowe.
NAHB is predicting a 29 percent increase in housing starts this year, which would put housing starts at the 1 million mark for the first time since 2007.
Source: National Association of Home Builders
CONTRACTOR SUPPLY MAGAZINE
The October/November 2024 of Contractor Supply magazine is here!
Our cover story, A Rewarding Passion - Dale Hahs II, third-generation of Denver's AIS Industrial & Construction Supply, is STAFDA's incoming 2025 president.
A Special STAFDA section featuring a welcome address, an agenda, session previewss by presenters and much more. Also in this issue are our Industry Updates on: Lifting, Moving and Material Handling; Lasers, Levels and Measurement; Hand Tools; Cordless Power Tools; Drill Bits and Cutting Tools; and Toolboxes, Bags and Belts.
This digital edition, sponsored by BECK AMERICA Inc., is fully searchable and contains live links to every advertiser and new product listing. Click away!
| Read the Articles Read the Digital Edition |
