Homebuilder sentiment bounces back in May, after record plunge in April

  • 📰 CNBC
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 72%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

After the sharpest one-month drop in the history of the index in April, homebuilder sentiment bounced back slightly in May, as builders saw a quick rebound in interest from buyers.

Confidence in the market for single-family, newly built homes rose seven points in May to 37, according to the National Association of Home Builders/Wells Fargo Housing Market Index . Anything above 50 is considered positive, so sentiment remains in negative territory. The index stood at 66 in May of 2019 and hit a recent high of 76 in December.

"The fact that most states classified housing as an essential business during this crisis helped to keep many residential construction workers on the job, and this is reflected in our latest builder survey," said NAHB Chairman Dean Mon.

"As many states and localities across the nation lift stay-at-home orders and more furloughed workers return to their jobs, we expect this demand will strengthen," said NAHB chief economist Robert Dietz. "However, high unemployment and supply-side challenges including builder loan access and building material availability are near-term limiting factors."

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

They know people aren't buying homes with tech stocks, right?

A real world dead cat bounce?

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in LOANS

Loans Loans Latest News, Loans Loans Headlines