Builder sentiment in the market for single-family homes climbed in February to the highest level since September as mortgage rates fall from a peak high.
Piper Sandler chief investment strategist Michael Kantrowitz shares his 2023 market outlook ahead of the January inflation data after futures data signals a continued rally.increased more than expected in February as a recent decline in mortgage rates helps to stoke buyer demand.
The National Association of Home Builders/Wells Fargo Housing Market Index, which measures the pulse of the, rose 7 points to 42, the highest reading since September and the largest one-month gain since June 2013. Any reading above 50 is considered positive; prior to 2022, the gauge has not entered negative territory since 2012, excluding a brief – but steep – drop in May 2020.
The index has fallen to half of what it was just one months ago, when it stood at 81, although it has increased from a low of 31. It peaked at a 35-year high of 90 in November 2020, buoyed by record-low interest rates at the same time that American homebuyers –February's reading was above the median expectations among economists for an increase to 37 from the previous reading of 35.
Still, demand has shown early signs of returning as mortgage rates continue to fall from a record high of 7.08% in November.
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