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15.08.2024

U.S. homebuilder confidence unexpectedly decreases in August

The National Association of Homebuilders (NAHB) announced on Thursday its housing market index (HMI) fell to 39 in August from a downwardly revised July reading of 41 (from 42). This was the lowest reading since December 2023 (37). 

Economists had forecast the HMI to increase to 43.                                                                                                  

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

Two of three major HMI components demonstrated declines in early August. The component tracking current sales conditions and the component measuring traffic of prospective buyers both fell by two points to 44 and 25 respectively. Meanwhile, the component charting sales expectations in the next six months rose one point to 49.

Commenting on the latest report, NAHB Chairman Carl Harris noted challenging housing affordability conditions remain the top concern for prospective home buyers in the current reading of the HMI, as both present sales and traffic readings showed weakness. 

Meanwhile, NAHB Chief Economist Robert Dietz suggested that with current inflation data pointing to interest rate cuts from the Federal Reserve and mortgage rates down markedly in the second week of August, buyer interest and builder sentiment should improve in the months ahead.

 

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