New Construction Defies Dour Builder Sentiment In Distorted US Housing Market

New construction bucked the dour trend in homebuilder sentiment to post a surprise monthly gain in the last of this week's US macro data. Housing starts rose to a 1.372 million annual rate in October, the Census Bureau said. Economists expected 1.35 million. The range of estimates, from more than 50 extensively-trained experts, was 1.25 million to 1.43 million. The prior month was revised lower. The second consecutive monthly gain for the headline was notable in the context of an ongoing malai

Join institutional investors, analysts and strategists from the world's largest banks: Subscribe today for as little as $7/month

View subscription options

Or try one month for FREE with a trial plan

Already have an account? log in

One thought on “New Construction Defies Dour Builder Sentiment In Distorted US Housing Market”

The HMI shows a significant decline in prospective buyer traffic over the last few months, with similar declines in present sales and expected N6M sales. The Northeast improved in Nov, South declined the most, and Midwest, West declined.

https://www.nahb.org/News-and-Economics/Housing-Economics/Indices/Housing-Market-Index

The NAHB also produces indicies for multifamily, remodeling, etc which are interesting. These are also declining.

https://www.nahb.org/news-and-economics/housing-economics/indices

The remodeling index shows steeper declines for large projects, which is consistent with HD comments.

https://www.nahb.org/-/media/NAHB/news-and-economics/docs/housing-economics/rmi/2023/quarter-three/rmi-full-report-q3-2023.pdf