Builder confidence slumped in January as concern remains high regarding inflation and supply chain disruptions, breaking a four-month rise in sentiment.
The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) has hovered at 83 or 84 for the past three months as demand for new homes remains high. The index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as "good," "fair" or "poor," and asks builders to rate traffic of prospective buyers as "high to very high," "average" or "low to very low." Any number over 50 indicates that more builders view conditions as good than poor.
The HMI data collected during the first two weeks of January does not "fully reflect" the recent jump in mortgage rates, according to NAHB Chief Economist Robert Dietz.
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