The NAHB/Wells Fargo Housing Market Index (HMI) rose by 5 points to 74, marking the third consecutive increase, noted analysts from Wells Fargo. According to them, the index is now at its highest level since July 1999, principally reflecting strengthening demand.
“The NAHB/Wells Fargo Housing Market Index (HMI) rose 5 points in December to 74, marking the largest monthly gain since March. Builder confidence has not been this high for 18 years, which is a sure sign that homebuilding will ramp up if builders can secure the lots and workers they need.
“All three subcomponents increased in December. The largest was an 8 point jump in buyer traffic. The increase reflects stronger job and income growth, rising consumer confidence and exceptionally low inventories of existing homes on the market.”
“Builder confidence has soared, as builders have been able to sell homes as quickly as they can build them. The sharp rise in buyer traffic suggests the momentum will carry over into 2018.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.