Home builders Optimistic about sales in 2015
According to data released on Tuesday, a gauge of confidence among home builders has ticked down this month. Despite this, there is optimism about the sale of single-family-homes, thereby the figures staying close to the highest level since late 2005.
As Fargo declined one point to 57, the gauge from National Association of Home Builders/Wells for the seventh consecutive month was above-50 readings. A reading above 50 is a signal to the builders that they should be optimistic about sales trends.
David Crowe, NAHB's chief economist, said, "Steady economic growth, rising consumer confidence and a growing labor market will help the housing market continue to move forward in 2015".
In case of recent building rates for new residences, the confidence among home builders is running higher than the level historically seen before. All the builders who survived the housing market's meltdown may feel particularly resilient.
Executives at major US home builders had stated last week that given that major economic factors, they were hopeful about the sales working in their favor. Even as the investors were worried about soft demand and narrowing margins, the pent-up demand and a strengthening labor market are expected to translate into more deals.
Polled by MarketWatch, a majority of economists expect the government to report about the construction that was started on new homes by the end of 2015. Also, the recent rates for home buying and building are far below the long-term averages.
The sales pace for new single-family homes was about 41% below the average rate back in November as compared to what it was over the last 20 years. Also, November saw a drop in the newly started home construction from 24% the 20-year average.
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