Builder confidence increased three points in March to a level of 51 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index.
It’s the first time the sentiment level has risen above the breakeven point of 50 since July 2023.
“Buyer demand remains brisk and we expect more consumers to jump off the sidelines and into the marketplace if mortgage rates continue to fall later this year,” NAHB Chairman Carl Harrissaid in a statement. “But even though there is strong pent-up demand, builders continue to face several supply-side challenges, including a scarcity of buildable lots and skilled labor, and new restrictive codes that continue to increase the cost of building homes.”
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