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17.09.2024

U.S. homebuilder confidence improves slightly more than predicted in September

The National Association of Homebuilders (NAHB) reported on Tuesday its housing market index (HMI) increased to 41 in September from an unrevised August reading of 39. This marked the first rise in builder confidence in five months.

Economists had predicted the HMI to increase to 40.                                                                                                  

A reading over 50 indicates more builders view conditions as good than poor.

All three major HMI components posted gains in early September. The component charting sales expectations in the next six months jumped 4 points to 53, while the component measuring traffic of prospective buyers climbed by two points to 27, and the component tracking current sales conditions went up 1 point to 45. Meanwhile,

Commenting on the latest report, NAHB Chairman Carl Harris said that thanks to lower interest rates, builders now have a positive view for future new home sales for the first time since May 2024. “However, the cost of construction remains elevated relative to household budgets, holding back some enthusiasm for current housing market conditions,” he added, warning that builders will face competition from rising existing home inventory in many markets as the mortgage rate lock-in effect softens with lower mortgage rates.

Meanwhile, NAHB Chief Economist Robert Dietz noted that with inflation moderating, the Federal Reserve is expected to begin a cycle of monetary policy easing this week, which will produce downward pressure on mortgage interest rates and also lower the interest rates on land development and home construction business loans. “Lowering the cost of construction is critical to confront persistent challenges for housing affordability,” he added.

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