Builder Confidence Posts Slight Rebound After Three-Month Decline

Source: NAHB

Builder confidence posted a slight rebound in September, on the back of cheaper lumber and high housing demand. DXY is up 0.13%, while ITB is down 1.84%.

• The NAHB/Wells Fargo Housing Market Index stood at 76 in September, up from 75 in August. This follows three straight months of declines.
• Increases were also seen in the indices tracking current sales conditions and prospective buyers, while sales expectations remained unchanged at 81.
• In terms of the three-month moving averages, declines were seen in the Northeast, the South, and the West, while the Midwest was unchanged.
• NAHB Chairman Chuck Fowe attributed the climb to lower costs of softwood lumber, even as delivery times lengthen and labor shortages continue.
• Chief Economist Robert Dietz said that while the market remains hot, growth has cooled as job openings continued to trend higher.