US Homebuilder Sentiment Increases to an Eight-Month High.

BOARD of Governors of the Federal Reserve System (U.S.); PRICE cutting; HOUSE construction; INTEREST rates; BUILDING permits; CONSTRUCTION industry

US homebuilder sentiment reached an eight-month high in March, driven by a limited supply of existing homes for sale and lower mortgage rates. The National Association of Home Builders/Wells Fargo index of housing market conditions rose by 3 points to 51, surpassing economists' expectations. While sentiment has improved this year, it remains below pre-pandemic levels. Builder sentiment may continue to be below average until borrowing costs decrease further, and the Federal Reserve has delayed interest rate cuts due to inflation concerns. The Midwest saw the largest increase in sentiment, while the Northeast and West experienced slight declines. [Extracted from the article]

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