FOREX TradingCharts.com

Financial News: U.S. Homebuilder Confidence Drops Due To Concerns About

U.S. Homebuilder Confidence Drops Due To Concerns About Higher Material Costs

03/16/2021 - 11:24:00 (RTTNews)

(RTTNews) - The National Association of Home Builders released a report on Tuesday showing a slightly bigger than expected decrease in U.S. homebuilder confidence in the month of March.

The report said the NAHB/Wells Fargo Housing Market Index fell to 82 in March after inching up to 84 in February. Economists had expected the index to edge down to 83.

"Though builders continue to see strong buyer traffic, recent increases for material costs and delivery times, particularly for softwood lumber, have depressed builder sentiment this month," said NAHB Chairman Chuck Fowke.

"Supply shortages and high demand have caused lumber prices to jump about 200 percent since last April," he added. "Policymakers must address building material supply chain issues to help the economy sustain solid growth in 2021."

The pullback by the headline index came as the index gauging current sales conditions fell to 87 in March from 90 in February.

The gauge charting traffic of prospective buyers was unchanged at 72, while the component measuring sales expectations in the next six months rose to 83 in March from 80 in February.

"While single-family home building should grow this year, the elevated price of lumber is adding approximately $24,000 to the price of a new home," NAHB Chief Economist Robert Dietz. "And mortgage interest rates, while historically low, have increased about 30 basis points over the last month."

He added, "Nonetheless, the lack of resale inventory means new construction is the only option for some prospective home buyers."

On Wednesday, the Commerce Department is scheduled to release a separate report on new residential construction in the month of February.

Housing starts expected to decrease by 0.9 percent to an annual rate of 1.565 million, while building permits are expected to plunge by 7.2 percent to a rate of 1.750 million.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


U.S. Consumer Sentiment Improves Less Than Expected In April (05 hr(s), 40 min(s), 56 sec(s) ago)
(RTTNews) - After reporting a substantial rebound in U.S. consumer sentiment in the previous month ...Full Story»

U.S. Housing Starts Skyrocket To Highest Level Since June 2006 (07 hr(s), 26 min(s), 56 sec(s) ago)
(RTTNews) - A report released by the Commerce Department on Friday showed a substantial rebound in ...Full Story»

U.S. Housing Starts Rebound Much More Than Expected In March (08 hr(s), 19 min(s), 56 sec(s) ago)
(RTTNews) - A report released by the Commerce Department on Friday showed a substantial rebound in ...Full Story»

Malta HICP Inflation Steady At 0.1% In March (09 hr(s), 53 min(s), 56 sec(s) ago)
(RTTNews) - Malta's EU measure of inflation remained stable in March, data from the National S ...Full Story»

Croatia Consumer Prices Rise For Second Month (10 hr(s), 59 min(s), 56 sec(s) ago)
(RTTNews) - Croatia's consumer prices increased for the second straight month in March, figure ...Full Story»

Eurozone Trade Surplus Declines In February (11 hr(s), 33 min(s), 56 sec(s) ago)
(RTTNews) - The euro area trade surplus declined in February as exports decreased amid rising impo ...Full Story»

Eurozone Inflation Rises As Estimated (11 hr(s), 46 min(s), 56 sec(s) ago)
(RTTNews) - Eurozone consumer prices increased as initially estimated in March, final data from Eu ...Full Story»

Italy Trade Surplus Declines In February (12 hr(s), 28 min(s), 56 sec(s) ago)
(RTTNews) - Italy's trade surplus decreased in February, data from the statistical office Ista ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

U.S. Consumer Sentiment Improves Less Than Expected In April

04/16/2021 - 11:21 AM (RTTNews)
(RTTNews) - After reporting a substantial rebound in U.S. consumer sentiment in the previous month ...Full Story>>

U.S. Housing Starts Skyrocket To Highest Level Since June 2006

04/16/2021 - 09:35 AM (RTTNews)
(RTTNews) - A report released by the Commerce Department on Friday showed a substantial rebound in ...Full Story>>

U.S. Housing Starts Rebound Much More Than Expected In March

04/16/2021 - 08:42 AM (RTTNews)
(RTTNews) - A report released by the Commerce Department on Friday showed a substantial rebound in ...Full Story>>

Malta HICP Inflation Steady At 0.1% In March

04/16/2021 - 07:08 AM (RTTNews)
(RTTNews) - Malta's EU measure of inflation remained stable in March, data from the National S ...Full Story>>

Croatia Consumer Prices Rise For Second Month

04/16/2021 - 06:02 AM (RTTNews)
(RTTNews) - Croatia's consumer prices increased for the second straight month in March, figure ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.