Builder confidence jumps in February 2023 MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

 Builder confidence rose for the second month in a row in February, hitting its highest level since September 2022, the National Association Home Builders reported, citing easing mortgage rates and an increasing belief that the single-family home market is turning a corner, despite continued high construction costs and supply-chain issues for building materials. Specifically, the NAHB/Wells Fargo Housing Market Index (HMI) jumped seven points to forty two.

 “While the HMI remains below the breakeven level of fifty, the increase from thirty one to forty two from December to February is a positive sign for the market,” NAHB Chief Economist Robert Dietz said in a news release. The HMI is made up of three components, all of which rose for the second month in a row. The component gauging current sales conditions rose six points to forty six, the component charting sales expectations in the next six months increased eleven points to forty eight and the gauge measuring traffic of prospective buyers increased six points to twenty nine.

 Regionally, the three-month moving average of the index rose in all geographic regions. It increased four points to thirty seven in the Northeast, one point to thirty three in the Midwest, four points to forty in the South and three points to thirty in the West. “Even as the Federal Reserve continues to tighten monetary policy conditions, forecasts indicate that the housing market has passed peak mortgage rates for this cycle,” Dietz said. “And while we expect ongoing volatility for mortgage rates and housing costs, the building market should be able to achieve stability in the coming months.”

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