Confidence among residential construction firms is treading water as a strong economy is offset by ongoing industry headwinds.
The numbers: The National Association of Home Builders’ monthly confidence index was unchanged at a seasonally adjusted reading of 62 in March, the trade group said Monday.What happened: The March reading snapped a two-month march upward, and keeps the index well below its 2018 full-year average of 67. Economists polled by Econoday had forecast a one-point increase to 63.
In March, the index that tracks current sales conditions rose 2 points to 68, and the gauge of sales over the next six months jumped 3 points to 71. The tracker that measures traffic of prospective buyers fell 4 points to 44. Big picture: Economists consider the sentiment index an early read on future new construction. “Builders report the market is stabilizing,” NAHB said in a release. But “stabilizing” isn’t the same as “growing.” Builders know there’s demand for homes, but face a lot of familiar headwinds in getting their products to the segments of the market that need them.
Market reaction: The 10-year U.S. Treasury note TMUBMUSD10Y, +0.24% , which sets the tone for fixed-rate mortgages, was little-changed after the data release, but has been drifting down in recent weeks. That will help more buyers afford homes.Andrea Riquier Andrea Riquier reports on housing and banking from MarketWatch's New York newsroom. Follow her on Twitter @ARiquier.
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