Page 34 - BB_Sep_2019

stemming largely from growing trade concerns.
Although affordability headwinds remain a challenge,
demand is good and growing at lower price points
and for smaller homes.
Derived from a monthly survey that NAHB has been
conducting for 30 years, the NAHB/Wells Fargo Housing
Market Index gauges builder perceptions of current
single-family home sales and sales expectations for the
next six months as “good,” “fair” or “poor.” The survey
Builder Confidence Trending Higher also asks builders to rate traffic of prospective buyers
as “high to very high,” “average” or “low to very low.”
as Interest Rates Move Lower Scores for each component are then used to calculate
a seasonally adjusted index where any number over 50
Builder confidence in the market for newly-built
single-family homes rose one point to 66 in August, indicates that more builders view conditions as good
according to the latest National Association of Home than poor.
Builders/Wells Fargo Housing Market Index (HMI) The HMI index gauging current sales conditions
released today. Sentiment levels have held at a solid increased two points to 73 and the component
64-to-66 level for the past four months. measuring traffic of prospective buyers rose two points
to 50. The measure charting sales expectations in the
Even as builders report a firm demand for
single-family homes, they continue to struggle with next six months fell one point to 70.
rising construction costs stemming from excessive Looking at the three-month moving averages for
regulations, a chronic shortage of workers and a lack regional HMI scores, the South moved one point higher
of buildable lots. While 30-year mortgage rates have to 69, the West was also up one point to 73 and the
dropped from 4.1 percent down to 3.6 percent during Midwest inched up a single point to 57. The Northeast
the past four months, we have not seen an equivalent fell three points to 57.
higher pace of building activity because the rate HMI tables can be found at nahb.org/hmi.
declines occurred due to economic uncertainty NAHB AUG 2019

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34 SEPTEMBER 2019 | GREATER SAN ANTONIO BUILDERS ASSOCIATION