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Homebuilder Sentiment Flat After Four Monthly Increases

US DATA
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  • The NAHB homebuilder index held steady at 51 (cons 51) in April, consolidating the March increase to its highest since Jul’23. Details were mixed:
  • Regionally, the south (largest) fell 1pt whilst there were gains in the west (+4pts), northeast (+4pts) and midwest (+1pt).
  • Back nationally, present sales and prospective buyer traffic both increased 1pt but the outlook for future sales fell 2pts.
  • S&P homebuilder price to book ratios have cooled off latest highs from last month but there remains a large disconnect with the survey.
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  • The NAHB homebuilder index held steady at 51 (cons 51) in April, consolidating the March increase to its highest since Jul’23. Details were mixed:
  • Regionally, the south (largest) fell 1pt whilst there were gains in the west (+4pts), northeast (+4pts) and midwest (+1pt).
  • Back nationally, present sales and prospective buyer traffic both increased 1pt but the outlook for future sales fell 2pts.
  • S&P homebuilder price to book ratios have cooled off latest highs from last month but there remains a large disconnect with the survey.