Latest News

U.S. Homebuilder Sentiment Increases to a Six-Month High

0
Economy42 minutes ago (Nov 16, 2021 15:54)

2/2
© Bloomberg. A worker uses a nail gun in a home under construction in Dublin, Ohio.

2/2

(Bloomberg) — Confidence among U.S. homebuilders rose to a six-month high in November on stronger sales and foot traffic even as labor and supply-side challenges delay completion times and drive up costs.

A gauge of builder sentiment rose to 83 from an October reading of 80, National Association of Home Builders/Wells Fargo data showed Tuesday. It marked the third-straight increase. The median forecast in a Bloomberg survey of economists called for no change from the month before.

A measure of current single-family home sales rose to the highest since February, while a gauge of prospective buyer traffic increased to a five-month high. The component assessing sales expectations for the next six months held steady at 84, the highest since December.

Robust demand, fueled in part by low mortgage rates and a desire for more space among people working remotely, has given builders a boost despite sky-high prices. 

Still, supply-chain delays have pushed up costs and wait times of inputs from windows to appliances to paint. Furthermore, builders are contending with persistent labor shortages and a scarcity of buildable lots, which are impeding the pace of production. 

“In addition to well publicized concerns over building materials and the national supply chain, labor and building lot access are key constraints for housing supply,” Robert Dietz, NAHB chief economist, said in a statement. “Lot availability is at multi-decade lows and the construction industry currently has more than 330,000 open positions.”

Builder confidence climbed in three regions, with only the Northeast seeing a decline.

©2021 Bloomberg L.P.

U.S. Homebuilder Sentiment Increases to a Six-Month High

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

German parties aim to present coalition deal next week

Previous article

Ban UK lawmakers from paid lobbying, PM Johnson says after sleaze row

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News