On May 16, 2023, National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for newly built single family homes rose five points at 50 points in May of 2023.
The HMI component charting buyer traffic up two points to 33 points, the HMI present sales conditions gained five points at 56 points, and the HMI sales expectations index jumped seven points 57 points in May of 2023.
The three-month moving averages for regional HMI scores, Midwest higher two points to 52 points, Northeast unchanged 0 point at 45 points, South rose three points to 52 points, the West increased three points to 41 points in May of 2023.
NAHB Chief Economist Robert Dietz, stated “In March, 33% of homes listed for sale were new homes in various stages of construction. That share from 2000-2019 was a 12.7% average. With limited available housing inventory, new construction will continue to be a significant part of prospective buyers’ search in the quarters ahead.”
For complete more detailed information about NAHB Builder Confidence Index for May of 2023, please HERE