On February 19, 2019, National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for newly built single family homes increased four points to 62 points in February of 2019 from 58 points in January of 2019.
The HMI component charting present sales conditions gained three points to 67 points, the HMI buyer traffic higher four points to 48 points, and the HMI sales expectations index rose five points to 68 points in February of 2019.
The three-month moving averages for regional HMI scores, South up one point to 63 points, the West did not change at 67 points, Northeast declined two points to 43 points, Midwest stayed the same at 52 points in February of 2019.
NAHB Chief Economist Robert Dietz, stated “The five-point jump on the six-month sales expectation for the HMI is due to mortgage interest rates dropping from about 5 percent in November to 4.4 percent this week. However, affordability remains a critical issue. Rising costs stemming from excessive regulations, a dearth of buildable lots, a persistent labor shortage and tariffs on lumber and other key building materials continue to make it increasingly difficult to produce housing at affordable price points.”
For complete more detailed information about NAHB Builder Confidence Index for February of 2019, please click HERE
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