Builder confidence jumped significantly in July by 14 points to 72, signaling that the housing market is in the midst of recovery even as the coronavirus pandemic continues to impact the globe. The latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI) now stands at the “solid pre-pandemic reading in March,” pre-COVID.
“Builders are seeing strong traffic and lots of interest in new construction as existing home inventory remains lean,” said NAHB Chairman Chuck Fowke, a custom home builder from Tampa, Fla. “Moreover, builders in the Northeast and the Midwest are benefiting from demand that was sidelined during lockdowns in the spring. Low interest rates are also fueling demand, and we expect housing to lead an overall economic recovery…. Read More