Builder Confidence Reported Up Despite Market Challenges
WASHINGTON, DC — Despite inflation concerns and ongoing production bottlenecks, builder confidence edged higher in December for the fourth consecutive month on strong consumer demand and limited existing inventory, the National Association of Home Builders reported.
Builder sentiment in the market for newly built single-family homes moved one point higher to 84 in December, according to the NAHB/Wells Fargo Housing Market Index (HMI), released today.
“While demand remains strong, finding workers, predicting pricing and dealing with material delays remains a challenge,” said NAHB Chairman Chuck Fowke.
“The most pressing issue for the housing sector remains lack of inventory,” observed Robert Dietz, chief economist for the Washington, DC-based NAHB. “Building has increased but the industry faces constraints, namely cost/availability of materials, labor and lots. And while 2021 single-family starts are expected to end the year 24% higher than the pre-Covid 2019 level, we expect higher interest rates in 2022 will put a damper on housing affordability.”
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