Homebuilder confidence in the south rose for the first time in six months in December, according to the latest data from the National Association of Home Builders/Wells Fargo Housing Market Index
- M-O-M: Homebuilder confidence in the South rose to 39 in December, up 3 points from November but still tied with the second-lowest reading all year…
- Y-O-Y: Homebuilder confidence is up 4 points when compared to the same time last year.
National Data. Nationally, homebuilder confidence rose 3 points to 37 in December, the third lowest reading all year.
- Confidence rose on a more positive outlook of the future as the index component rating sales in the next 6 months jumped 6 points to 45 while the current sales component held at 40 in December.
- Traffic of prospective buyers rose 3 points to 24.
Beat The Street. Economists were projecting a smaller rise to 36 to close out 2023.
Analysis. Robert Dietz, Chief Economist at NAHB, said mortgage rates have peaked this cycle. “The housing market appears to have passed peak mortgage rates for this cycle, and this should help to spur home buyer demand in the coming months, with the HMI component measuring future sales expectations up six points in December,”