Numbers are in, and for the first
time since January, The National Association of Home Builders/Wells Fargo
Housing Market Index (HMI) posted with a score of 53. This meaning that
builders in the country overall view the housing market as in a “good” state
and builder confidence is rising in the housing market. The HMI surveys
builders monthly and posts an average number score that falls into one of three
categories: good, fair, or poor. The HMI
states that any number above 50 is deemed a “good” view versus a “poor” one.
The Chief
Economist of the NAHB David Crowe attributes this score to the recent growth in
the labor market. “As employment increases and those with jobs feel more secure
about their own economic situation, they are more likely to feel comfortable
about buying a home.” Builders have definitely picked up on that tidbit and are
planning for an even bigger increase throughout the rest of the year. The
survey, along with collecting builder confidence, also asks builders to rate
their expected traffic and future sale expectations. All numbers posted a gain
in all sectors of the country (Northeast, South, West, and Midwest.) This
overall growth in confidence parallels the success in other markets (retail,
food, etc) and could be a sign that the country is beginning to truly shake off
hesitations brought on by the economic downtown. The numbers have posted small
but steady gains throughout the year and it is expected to only continue.
Now is your
time to act and take advantage of the market before it hits its full swing.
House prices are the lowest now they will ever be as long as the market
continues at the rate it is. Act while you can!
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