Builder confidence rose seven points in February to a level of 42 on the National Association of Home Builders/ Wells Fargo Housing Market Index.
It is the highest builder confidence reading since September of last year and the second consecutive month of confidence growth. The gains were due in part to easing mortgage rates that signal the housing market may be turning a corner, according to the NAHB.
“While the HMI remains below the breakeven level of 50, the increase from 31 to 42 from December to February is a positive sign for the market,” NAHB Chief Economist Robert Dietz said in a statement. Dietz predicted a rebound in home construction levels later in 2023 and early 2024.
Read Next
