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News Feb. 20, 2024

Homebuilder sentiment hits six-month high in February

Builder sentiment rose four points to 48 in February; anything below 50 is considered negative for the National Association of Home Builders’ monthly survey, according to NAHB. It reached a record high of 90 in November 2020.

All three components of the homebuilder index increased, with sales expectations in the next six months climbing three points to 60; current sales conditions rising four points to 52; and buyer traffic increasing four points to 33.

“While mortgage rates still remain too high for many prospective buyers, we anticipate that due to pent-up demand, many more buyers will enter the marketplace if mortgage rates continue to decline this year,” said NAHB Chairman Alicia Huey.

Twenty-five percent of builders reported cutting prices in February, which is down from 31% in January. The average price discount is holding at 6%. Additionally, 58% of builders provided sales incentives of all types in February, which is down from 62% in January.


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