U.S. Homebuilder Confidence Unexpectedly Continues To Improve In May
(RTTNews) - Homebuilder confidence in the U.S. has unexpectedly improved in the month of May, the National Association of Home Builders revealed in a report released on Tuesday.
The report said the NAHB/Wells Fargo Housing Market Index jumped to 50 in May from 45 in April. Economists had expected the index to come in unchanged compared to the previous month.
Homebuilder confidence improved for the fifth straight month, with the housing market index reaching its highest level since hitting 55 in July 2022.
The NAHB said limited existing inventory has put a renewed emphasis on new construction, resulting in the increase in homebuilder confidence even as the industry continues to face several challenges.
The continued advance by the housing market index came amid increases by all three component indices.
The component charting sales expectations in the next six months showed a significant increase, surging to 57 in May from 50 in April.
The index gauging current sales conditions also jumped to 56 in May from 51 in April, while the gauge measuring traffic of prospective rose to 33 in May from 31 in April.
On Wednesday, the Commerce Department is scheduled to release a separate report on new residential construction in the month of April.
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