April 18, 2017 Comments Off on Homebuilder Sentiment Drops, Overall Positive Outlook Remains Views: 857 National News, Top National Stories

Homebuilder Sentiment Drops, Overall Positive Outlook Remains

Homebuilders in the U.S. are less optimistic about home sales, though still remain positive overall. The latest National Association of Home Builders/Wells Fargo builder sentiment index revealed a drop of three points this month from a reading of 71 in March, the survey’s highest level since June 2005.

Industry analysts had predicted a higher reading, though the index has remained above 60 since last September. A reading above 50 means builders view sales conditions as good.

So far this year, builders have enjoyed robust home sales, a trend expected to continue. February home sales increased at the fastest pace since July, to a seasonally-adjusted annual rate of 592,000.

Compared to the same month last year, the latest sales pace was nearly 13% higher. Sales have been fueled by low mortgage rates and a solid job market.

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