Financial News: U.S. Homebuilder Confidence Holds Steady In December

U.S. Homebuilder Confidence Holds Steady In December

12/17/2024 - 10:26:00 (RTTNews)

(RTTNews) - A report released by the National Association of Home Builders on Tuesday showed homebuilder confidence has held steady in the month of December.

The report said the NAHB/Wells Fargo Housing Market Index came in at 46 in December, unchanged from November. Economists had expected the index to inch up to 47.

With the unchanged reading, the housing market index remained at its highest level since reaching 51 in April.

"While builders are expressing concerns that high interest rates, elevated construction costs and a lack of buildable lots continue to act as headwinds, they are also anticipating future regulatory relief in the aftermath of the election," said NAHB Chairman Carl Harris.

He added, "This is reflected in the fact that future sales expectations have increased to a nearly three-year high."

The report said the HMI component measuring sales expectations in the next six months jumped to 66 in December from 63 in November, reaching the highest level since April 2022.

Meanwhile, the gauge charting traffic of prospective buyers edged down to 31 in December from 32 in November, while the index gauging current sales conditions held steady at 48.

The NAHB said the latest HMI survey also revealed that 31 percent of homebuilders cut prices in December, unchanged from November. The average price reduction was 5 percent in December, the same as in November.

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