After a three-month decline, builder sentiment rose slightly in September, according to the NAHB/Wells Fargo Housing Market Index…(NAHB)
- M-O-M: Builder September moved up 1 point to 76 in September.
- Y-O-Y: Builder confidence is down 7 points when compared to September 2021.
Regionally, all four regions of the U.S. were down when looking at their 3-month moving average…
- The Northeast fell two points to 72, the South and the west dropped two points 80 and 83, respectively. The Midwest remained unchanged at 68.
NAHB Chairman Chuck Fowke said things are stabilizing even as prices and delivery times remain volatile…
“The September data show stability as some building material cost challenges ease, particularly for softwood lumber. However, delivery times remain extended and the chronic construction labor shortage is expected to persist as the overall labor market recovers.”
NOTE: The HMI index gauging current sales conditions rose one point to 82, the component measuring traffic of prospective buyers posted a two-point gain to 61 and the gauge charting sales expectations in the next six months held steady at 81.