U.S. Housing Market Index Unexpectedly Inches Up To Nine-Month High In January
16 Janeiro 2025 - 7:24AM
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Reflecting hopes for an improved economic growth and regulatory
environment, the National Association of Home Builders released a
report on Thursday unexpectedly showing a modest improvement by
U.S. homebuilder confidence in the month of January.
The report said the NAHB/Wells Fargo Housing Market Index crept
up to 47 in January from 46 in December. Economists had expected
the index to edge down to 45.
With the unexpected uptick, the housing market index reached its
highest level since hitting 51 in April 2024.
"NAHB is forecasting a slight gain for single-family housing
starts in 2025, as the market faces offsetting upside and downside
risks from an improving regulatory outlook and ongoing elevated
interest rates," said NAHB Chief Economist Robert Dietz.
He added, "And while ongoing, but slower easing from the Federal
Reserve should help financing for private builders currently
squeezed out of some local markets, builders report cancellations
are climbing as a direct result of mortgage rates rising back up
near 7%."
The modest increase by the headline index came as the index
gauging current sales conditions climbed to 51 in January from 48
in December and the gauge charting traffic of prospective buyers
rose to 33 in January from 31 in December.
Meanwhile, the component measuring sales expectations in the
next six months slumped to 60 January from 66 in December due in
part to the elevated interest rate environment.
"While this serves as a cautionary note, the future sales
component is still the highest of the three sub-indices and well
above the breakeven level of 50," the NAHB said.
The report also said 30 percent of builders cut home prices in
January, with the share remaining in a range of 30 percent to 33
percent since last July. The average price reduction in January was
5 percent, unchanged from December.
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