On July 16, 2020, National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for newly built single family homes gained 14 points to 72 points in July of 2020 from 58 points in June of 2020.
The HMI component charting buyer traffic increased 15 points to 58 points, the HMI present sales conditions grew 16 points to 79 points, and the HMI future sales expectations index higher 7 points to 75 points in July of 2020.
The three-month moving averages for regional HMI scores, Northeast rose 22 points to 70 points, Midwest soar 18 points to 68 points, South up 10 points to 73 points, the West jumped 14 points to 80 points in July of 2020.
NAHB Chief Economist Robert Dietz, stated “Lumber prices are at a two-year high and builders are reporting rising costs for other building materials while lot and skilled labor availability issues persist. Nonetheless, the important story of the changing geography of housing demand is benefiting new construction. New home demand is improving in lower density markets, including small metro areas, rural markets and large metro exurbs, as people seek out larger homes and anticipate more flexibility for telework in the years ahead. Flight to the suburbs is real.”
For complete more detailed information about NAHB Builder Confidence Index for July of 2020, please HERE
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