Small Business Report: Home-builders bullish bulls. @GeneMarks @WashingtonPost

Aug 19, 2017, 04:27 AM

08-18-2017 (Photo:File:Seattle - homebuilders - 1800 block of Spruce 02.jpg ) Twitter: @BatchelorShow

Small Business Report: Home-builders bullish bulls. @GeneMarks @WashingtonPost

The National Association of Home Builders (NAHB) Housing Market Index (HMI) is a gauge of builder opinion on the relative level of current and future single-family home sales. It is a diffusion index, which means that a reading above 50 indicates a favorable outlook on home sales; below 50 indicates a negative outlook. The latest reading of 68, up 4 from last month's number, came in above the forecast of 65. Here is the opening of this morning's monthly report: Builder confidence in the market for newly-built single-family homes rose four points in August to a level of 68 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). “Our members are encouraged by rising demand in the new-home market,” said NAHB Chairman Granger MacDonald, a home builder and developer from Kerrville, Texas. “This is due to ongoing job and economic growth, attractive mortgage rates, and growing consumer confidence.” “The fact that builder confidence has returned to the healthy levels we saw this spring is consistent with our forecast for a gradual strengthening in the housing market,” said NAHB Chief Economist Robert Dietz. “GDP growth improved in the second quarter, which helped sustain housing demand. However, builders continue to face supply-side challenges, such as lot and labor shortages and rising building material costs.” [link to report]

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