US Homebuilders are cock-a-hoop, with their sentiment survey making a new all-time record high for the 3rd straight month.
The NAHB Confidence index in November rises to 90 vs 85 last month, highest on record in data going back to 1985, according to NAHB/Wells Fargo.
All the subindices soared:
Measure of present single family sales rises to 96 vs 90 last month
Future single family sales gauge rises to 89 vs 88 last month
Prospective buyers traffic measure rises to 77 vs 74 last month
“Historically low mortgage rates, favorable demographics and an ongoing suburban shift for home buyer preferences have spurred demand and increased new home sales by nearly 17 percent in 2020 on a year-to-date basis,” said Chuck Fowke, chairman of NAHB.
“Though builders continue to sign sales contracts at a solid pace, lot and material availability is holding back some building activity.”
There’s just one thing – as homebuilder sentiment soars, homebuyer sentiment (via UMich) has rolled over…
And The Fed can’t cut rates any lower than this?