What I Saw Last Week
The NAHB Housing Market Index dropped to 53 in March from 55 the previous month – I had anticipated a rise to 56.
Two of the three HMI components posted losses in March. The component gauging current sales conditions fell three points to 58 while the component measuring buyer traffic dropped two points to 37. The gauge charting sales expectations in the next six months held steady at 59.
In the West, the index dropped from 64 to 53 with the 3-month moving average dropping from 68 to 61.
According to the NAHB, the drop in confidence was largely attributable to supply chain issues, such as lot and labor shortages as well as tight underwriting standards. However; they added that, these obstacles notwithstanding, that they expect solid gains in the housing market this year, buoyed by sustained job growth, low mortgage interest rates and…
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