Taking a look at the February index, builder confidence for newly-built single-family homes declined two points to a level of 65.
On a regional scale, the Northeast fell two points to 50, the Midwest rise one point to 65, the South declining one point to 67, and the West holding firm at 79 for the third consecutive month.
Dr. Robert Dietz, Chief Economist for NABH, commended the robustness of the housing market despite seeing a decline in buyers and the efforts to withstand a lack of housing inventory.
“With much of the decline this month resulting from a decrease in buyer traffic, builders continue to struggle to minimize costs while dealing with supply side challenges such as a lack of developed lots and labor shortages,” he said. “Despite these constraints, the overall housing market fundamentals remain strong and we expect to see continued growth this year as some of these concerns are addressed.”
The March index is scheduled to release on March 15 at 10 a.m., and we will find out if builder confidence will trump affordability.
NFIB Small Business Optimism Index, Tuesday 6 a.m. EST
FOMC Meeting Announcement, Wednesday 2 p.m. EST
FOMC Forecasts, Wednesday 2 p.m. EST
Fed Chair Press Conference, Wednesday 2:30 p.m. EST