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Home builders confident in months ahead

Aly J. YaleThe Mortgage Reports Contributor

More new homes on the horizon

Current and would-be home buyers have reason to celebrate. According to a new survey of home builders, confidence is up in the single-family home market  and it’s only going to keep getting better.

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Builders buoyed by strong demand

According to the recent Housing Market Index from the National Association of Home Builders and Wells Fargo, builder confidence in the single-family housing market rose this month. It’s the fourth time the index has reached 70 or higher so far this year. Anything over a 50 indicates “more builders view conditions as good than poor.”

Want a new home? Builders want to help

Higher demand for single-family properties is what has bolstered builder confidence  and that’s likely to continue as the year goes on, according to Robert Dietz, chief economist at NAHB.

“Tight housing inventory, employment gains and demographic tailwinds should continue to boost demand for newly-built single-family homes,” Dietz said. “With these fundamentals in place, the housing market should improve at a steady, gradual pace in the months ahead.”

Verify your new rate (Aug 21st, 2018)

Confidence in 55-and-up housing strong, too

The NAHB’s 55+ Housing Market Index shows builder confidence is steady in the senior housing market as well. The Index reached a 66 this month and expected sales for the next six months rose to 80, indicating good things ahead.

According to Chuck Ellison, chairman of the 55+ Housing Industry Council at NAHB, demand is strong for 55-and-up housing — and that includes both single-family homes and multifamily condos. In fact, confidence in the condo market hit 64 for the month  its highest point since 2008.

The only hurdles holding back further growth are labor and lot shortages and increased building material costs, Ellison said.

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Verify your new rate (Aug 21st, 2018)