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Homebuilder Sentiment Drops, Overall Positive Outlook Remains
Homebuilders in the U.S. are less optimistic about home sales, though still remain positive overall. The latest National Association of Home Builders/Wells Fargo builder sentiment index revealed a drop of three points this month from a reading of 71 in March, the survey’s highest level since June 2005.
Industry analysts had predicted a higher reading, though the index has remained above 60 since last September. A reading above 50 means builders view sales conditions as good.
So far this year, builders have enjoyed robust home sales, a trend expected to continue. February home sales increased at the fastest pace since July, to a seasonally-adjusted annual rate of 592,000.
Compared to the same month last year, the latest sales pace was nearly 13% higher. Sales have been fueled by low mortgage rates and a solid job market.
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