U.S. Homebuilder Confidence Shows Modest Improvement In April
April 16 2019 - 6:13AM
RTTF2
A report released by the National Association of Home Builders
on Tuesday showed a modest improvement in U.S. homebuilder
confidence in the month of April.
The report said the NAHB/Wells Fargo Housing Market Index inched
up to 63 in April after holding at 62 in March, with the uptick
matching expectations.
"Builders report solid demand for new single-family homes but
they are also grappling with affordability concerns stemming from a
chronic shortage of construction workers and buildable lots," said
NAHB Chairman Greg Ugalde.
The modest increase by the housing market index came as the
component measuring traffic of prospective buyers jumped to 47 in
April from 44 in March.
The component gauging current sales conditions also crept up to
69 in April from 68 in March, although the measure charting sales
expectations in the next six months edged down to 71 from 72.
"Ongoing job growth, favorable demographics and a low-interest
rate environment will help to modestly spark sales growth in the
near term," said NAHB Chief Economist Robert Dietz.
He added, "However, supply-side headwinds that are putting
upward pressure on housing costs will limit more robust growth in
the housing market."
On Friday, the Commerce Department is scheduled to release a
separate report on new residential construction in the month of
March.
Housing starts are expected to jump to an annual rate of 1.230
million in March, while building permits are expected to rise to a
rate of 1.299 million.
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