Homebuilder sentiment fell two points from the prior month’s downwardly-revised report to a reading of 79 in March.
- The overall index has fallen for four straight months, signalling a multitude of factors that are influencing builders’ outlook for the housing industry.
- The underlying index that measures home builders’ expectations of single-family home sales in the next six months fell a staggering 10 points to a reading of 70.
- The index of sentiment regarding current sales also dropped by a smaller margin as the index that tracks builders’ thoughts on the flow of potential buyers rose by two points.
- Dietz Robert NAHB Chief Economist stated that the March HMI posted the lowest future sales expectations in the survey since June 2020.
Dietz further stated builders are reporting increased concerns that surging construction costs and expected interest rate hikes will price prospective home buyers out of the market.
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