Homebuilder confidence jumped into positive territory in March for the first time since July, as the persistent shortage of existing homes pushes more buyers to new construction.
Builders' confidence in the U.S. housing market made a surprise leap into positive territory this month, jumping to the highest level since July as more home buyers gravitate toward new construction amid the ongoing shortage of existing homes. The National Association of Home Builders/Wells Fargo Housing Market Index, which measures the pulse of the single-family housing market, rose three points to 51 in March, marking its fourth consecutive monthly rise.
But even though there is strong pent-up demand, builders continue to face several supply-side challenges, including a scarcity of buildable lots and skilled labor, and new restrictive codes that continue to increase the cost of building homes," Harris added. Sentiment among builders began steadily falling at the end of last summer after mortgage rates shot above 7%, throttling demand among would-be homebuyers.
Rates on the popular 30-year fixed mortgage are currently hovering around 6.74%, according to Freddie Mac, down from a high of 7.79% at the end of October but well above the pre-pandemic average of 3.9%. The recent decline has prompted a burst of optimism among homebuilders that the worst may be over. However, the housing market is facing new headwinds heading into 2024, including higher prices and shortages of labor and lumber.
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