The National Association of Home Builders (NAHB) and Wells Fargo National Home Builders Index rose in February from the previous month. Exceeded market expectations. Rising mortgage rates have eased in recent months, suggesting they are supporting a housing market that has been depressed over the past year.
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The housing market index, which recovered to a five-month high, was helped by more optimism about home sales, as well as an uptick in prospects and purchase prospects. 2022 has been a tough year for the real estate market, but the housing index has risen for the second month in a row, signaling cautious hopes for the spring home sales season.
“Even as the Fed continues to tighten, projections show that mortgage rates have peaked in the current phase,” NAHB chief economist Robert Dietz said in a statement.
The single-family home sales outlook index rose 11 points to 48, the highest level since July last year. Both the index of current conditions and the index of prospective purchasers reached their highest levels since September last year.
By region, prices rose in all four regions.
See table for detailed statistics.
Original title:US Homebuilder Sentiment Increases by Most Since Mid-2020
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