On January 18, 2023, National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for newly built single family homes gained four points to 35 points in January of 2022 from 31 points in December of 2021.
The HMI component charting present sales conditions higher four points at 40 points, the HMI buyer traffic up three points to 23 points, and the HMI sales expectations index grew two points at 37 points in January of 2023.
The three-month moving averages for regional HMI scores, South unchanged zero point at 36 points, the West up one point at 27 points, Northeast declined four points to 33 points, Midwest down two points to 32 points in January of 2023.
NAHB Chief Economist Robert Dietz, stated “In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability. Improved housing affordability will increase housing demand, as the nation grapples with a structural housing deficit of 1.5 million units.”
For complete more detailed information about NAHB Builder Confidence Index for January of 2023, please click HERE
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