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."
They know people aren't buying homes with tech stocks, right?
A real world dead cat bounce?