After 12 consecutive months of declines, builder confidence increased four points in January to a level of 35, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
A modest drop in interest rates helped fuel the uptick, according to NAHB.
“The rise in builder sentiment also means that cycle lows for permits and starts are likely near, and a rebound for home building could be underway later in 2023,” NAHB Chairman Jerry Konter said in a statement.
Builder confidence levels above 50 indicate more builders view conditions as good than poor.
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