A gauge of confidence among home builders declined in March to the lowest level since October
The National Association of Home Builders/Wells Fargo housing-market index decreased to 44 in March from 46 in February for a second month of declines. The last time so-called “Builders’ Confidence” index reached above a reading of 50 was in 2006. Readings over 50 indicate that more builders see sales conditions as good than poor.
According to NAHB Chairman Rick Judson, many NAHB members reported increased demand for new homes in their markets. But they are experiencing bottlenecks in the supply chain for developed lots along with rising costs for building materials and labor. He also said, “problems with appraisals and credit availability remain considerable obstacles to completing deals.” The latter are problems facing the resale market for Flagstaff homes as well.
Today’s report is a sign that, while the housing market is on the upswing, the slope and speed of the swing are low.
When your ready to buy or sell your Flagstaff home, get professional, informed advice:Flagstaff Real Estate with Ann Heitland at RE/MAX Peak Properties.
Tomorrow: look for announcements on new home starts and permits from the U.S. Commerce Department.
Builder Confidence Slips Two Notches in March