Homebuilder sentiment fell one point, from 62 down to 61 in December, according to the National Association of Home Builders (NAHB), missing the consensus forecast of 63. “Overall, builders are optimistic about the housing market, although they are reporting concerns with the high price of lots and labor,” said NAHB Chairman Tom Woods, according to peoplespunditdaily.
All three components of he NAHB’s Wells Fargo Housing Market Index (HMI) experienced downturns. Sales expectations in the next six months fell two points to 67, current sales conditions slipped one point to 66, and buyer traffic dropped two points to 46.
As NAHB Chief Economist David Crowe told MHProNews, “For the past seven months, builder confidence levels have averaged in the low 60s, which is in line with a gradual, consistent recovery. With job creation, economic growth and growing household formations, we anticipate the housing market to continue to pick up traction as we head into 2016.” ##
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Article submitted by Matthew J. Silver to Daily Business News-MHProNews.