US: Homebuilders are optimistic headed into the spring selling season - Wells Fargo

Analysts at Wells Fargo point out that the NAHB/Wells Fargo Housing Market Index held steady at 62 in March, as builders’ assessment of both present and prospective sales rose. They also noted that expectations for future sales have increased.

Key Quotes: 

“Builder sentiment has rebounded from the lows hit late last year, as builders are balancing optimism with pragmatism. Homebuilders are optimistic headed into the spring selling season but are also being pragmatic in recognizing the housing market still faces a significant affordability issue.”

“Builders noted that demand for lower-priced homes remains very strong, but such homes are in short supply and buildable lots remain scarce.”

“Expectations for single-family sales over the next 6 months rose 3 points to 71 in March and are up 10 points since their December low.”

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