Home-builder confidence is positive for first time in 11 months
The numbers: For the first time in nearly a year, home builders are upbeat about the housing market outlook.With mortgage rates above 6%, many homeowners find little incentive to sell—nearly 92% have an outstanding mortgage with a rate below 6%, according to a recent survey conducted by Redfin RDFN, -0.37%, a brokerage and real estate listings company. And 23.5% of homeowners have a mortgage rate of less than 3%.
This is the sixth month in a row that sentiment has improved among builders. It is also the first time in 11 months that builder confidence has moved into positive territory of above 50.Key details: Builders were starting to pull back on sales incentives. The share of builders cutting prices to boost sales has dropped to 25% in June, from a peak of 36% in November 2022.The three gauges that underpin the overall builder-confidence index were up.
Builders seem to be one of the few participants who have benefited from the supply crunch, given the nature of their business of new construction. The homebuilder ETF, XHB, -0.38%, is up 25% year-to-date.
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