Builder confidence drops—yet still remains high

While the spreading coronavirus impacted both U.S. and global economies in March‚ builder confidence in the housing market remained solid nationally and here in New England.¹ More from the National Association of Home Builders^®:

• The Housing Market Index (HMI) saw a two-point drop to 72 after holding steady in the low- to mid-70s for the past six months. A score over 50 means more than half of builders see favorable conditions.
• The HMI score in the Northeast region may sit below the national average‚ but it did rise two points to 64 in March.
• Twenty-one percent of builders surveyed reported a disruption in material supplies due to the virus’ effect in other countries‚ such as China.

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¹Robert Dietz‚ “Builder confidence declines but remains solid amid rising risks‚” Eye on Housing Blog‚ last updated March 17‚ 2020.