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U.S. Homebuilders Confidence Slips in January
Posted on 1/20/21 at 9:49 am
Posted on 1/20/21 at 9:49 am
rueters/yahoo article:
LINK
LINK
quote:
Wed, January 20, 2021, 10:02 AM
WASHINGTON (Reuters)
U.S. homebuilder confidence in the market for single family homes unexpectedly fell in January, pulled down by surging COVID-19 infections and more expensive lumber, though the housing market remains underpinned by record low mortgage rates.
The NAHB/Wells Fargo Housing Market index slipped to a reading of 83 this month from 86. Economists polled by Reuters had expected the index would be unchanged at 86. A reading above 50 means more builders view market conditions as favorable than poor.
The index hit an all-time high of 90 in November. "Despite robust housing demand and low mortgage rates, buyers are facing a dearth of new homes on the market, which is exacerbating affordability problems," said NAHB chairman Chuck Fowke. "Builders are grappling with supply-side constraints related to lumber and other material costs, a lack of affordable lots and labor shortages that delay delivery times and put upward pressure on home prices."
Demand for housing is being driven by cheaper mortgages and an exodus from city centers to suburbs and other low density areas as companies allow employees to work from home and schools shift to online classes because of the coronavirus pandemic.
About 23.7% of the labor force is working from home.
The survey's measure of sales expectations in the next six months fell two points to a reading of 83 this month, while a gauge of current sales conditions decreased two points to 90. The prospective buyers index dropped five points to 68.
Posted on 1/20/21 at 9:51 am to cadillacattack
Maybe this will make my INVH stock jump up... probably not since people cannot be evicted.
Posted on 1/20/21 at 9:59 am to cadillacattack
Posted on 1/20/21 at 10:12 am to cadillacattack
Yes, builder confidence has gone down from record in November. Big things to also consider - there are more families being formed that are looking for housing than there is supply available. Additionally, supply is down due to Covid. Once supply (materials and workforce) return, we will see these construction prices go down.
Posted on 1/20/21 at 11:17 am to WeAreBR
quote:
we will see these construction prices go down.
Except for a dip in existing home prices in 08-09-10 I Hcw heard construction prices will go down. I never have seen them go down by any appreciable amount at least on the Northshore.
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