US: NAHB Housing Market Index Beats Expectations in April

The Builder confidence in the market for newly built US single-family homes in April increased one point to 45according to the National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index (HMI) released today. The figure improves the 44 points previously and expected by the market. This is the best result recorded by the indicator in seven months, since September 2022.

“For the fourth month in a row, builder confidence has risen due to a lack of resale inventory despite elevated interest rates,” said NAHB President, Alice Huey, a custom home builder and developer in Birmingham, Alabama. “Builders point out that additional drops in mortgage rates, below 6%, will result in higher housing demand. However, the industry continues to be plagued with problems with construction materials, including a lack of access to electrical transformer kits.”

“Currently, a third of the housing inventory is new construction, compared to historical norms of just over 10%,” said NAHB chief economist, Robert Dietz. “More buyers looking for new homes, along with the use of sales incentives, have supported new home sales since early 2023. And while AD&C loan conditions are strict, there is no significant evidence to date to date. that the pressure on the regional banking system has worsened this lending environment for builders and land developers”.

The HMI survey shows the share of builders cutting home prices continues to trend downward, with 30% saying they cut prices in April, compared with 31% in March and February, the 35% in December and 36% in November. The average price reduction in April was 6%, the same as in February and March but less than in December (8%). The share of builders using incentives to drive sales increased from 57% in February to 58% in March and now to 59% in April, but is still lower than last December (62%).

USD Reaction

The Dollar Index has rallied strongly in recent hours, rising to three-day highs at 102.13. At time of writing, the DXY is trading above 102.10, gaining 0.52% daily.

Source: Fx Street

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