Homebuilder sentiment surges to three-month high

Builders are encouraged by low mortgage rates

New York /
Aug.August 15, 2017 03:00 PM

Homebuilder sentiment hit a three-month high this month, as builders remain buoyed by low-mortgage rates and a strengthening job market.

According to the National Association of Home Builders/Wells Fargo, the builder’s Housing Market Index (HMI) rose four points from 64 to 68 since July, Bloomberg reported. The monthly HMI is calculated through a survey of NAHB members, who rate the health of the single-family housing market. Their answers are used to create an HMI that ranges between 0 and 100.

This month’s increase — the highest rating since May of this year — follows July’s eight-month low and comes at a time when material costs are on the rise. Many contractors across the country are also grappling with a shortage of skilled labor.

But other factors are also at play, according to the NAHB.

“Our members are encouraged by rising demand in the new-home market,” NAHB chairman Granger MacDonald, said in a statement. “This is due to ongoing job and economic growth, attractive mortgage rates, and growing consumer confidence.” [Bloomberg] — Kathryn Brenzel


Related Articles

arrow_forward_ios
Tommy Hilfiger and his recently sold estate in Greenwich, CT. (Getty, Janet Milligan)

Tommy Hilfiger’s Greenwich estate sells for $45M

Tommy Hilfiger’s Greenwich estate sells for $45M
Jenna Ryan was part of a group who flew on a private plane from Denton, TX, to Washington, D.C., with the intention of joining the protestors (Twitter.com/DotJenna)

Texas Realtor faces criminal charges for role in Capitol attack

Texas Realtor faces criminal charges for role in Capitol attack
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
Porch CEO Matt Ehrlichman (iStock)

Porch snaps up four startups for over $122M

Porch snaps up four startups for over $122M
Nir Meir Asks Court to Stop Eviction (Google Maps)

Nir Meir seeks to throw out Hamptons ejection suit

Nir Meir seeks to throw out Hamptons ejection suit
Robert Frank with 1021 Park Avenue and Ben Lambert with 28 Laight Street (Getty, Google Maps)

Who’s buying and selling Manhattan homes? Last month’s notable deals

Who’s buying and selling Manhattan homes? Last month’s notable deals
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)

Santa Monica mega-portfolio officially hits market

Santa Monica mega-portfolio officially hits market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...