U.S. Homebuilder Confidence Unexpectedly Rebounds In January
(RTTNews) - After reporting decreases in U.S. homebuilder confidence for twelve straight months, the National Association of Home Builders released a report on Wednesday showing an unexpected improvement in homebuilder confidence in the month of January.
The report said the NAHB/Wells Fargo Housing Market Index climbed to 35 in January from 31 in December, while economists had expected the index to come in unchanged.
With the unexpected increase, the index rebounded from its lowest reading since mid-2012, with the exception of the onset of the pandemic in the spring of 2020.
"It appears the low point for builder sentiment in this cycle was registered in December, even as many builders continue to use a variety of incentives, including price reductions, to bolster sales," said NAHB Chairman Jerry Konter.
He added, "The rise in builder sentiment also means that cycle lows for permits and starts are likely near, and a rebound for home building could be underway later in 2023."
The unexpected rebound by the housing market index reflected increases by all three of the component indices.
The index gauging current sales conditions climbed to 40 in January from 36 in December, the gauge measuring traffic of prospective buyers rose to 23 from 20 and the component charting sales expectations in the next six months edged up to 37 from 35.
On Thursday, the Commerce Department is scheduled to release a separate report on new residential construction in the month of December.
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