US: NAHB offers some evidence of a housing market upturn  - Wells Fargo

The NAHB Housing Market Index rose again in Februray. According to analysts from Wells Fargo, two consecutive increases in the NAHB to start the year should alleviate some concerns over the degree of the slowdown in residential activity.

Key Quotes: 

“After an alarming plunge over the final months of 2018, builder confidence has rebounded to a healthier level, with the NAHB index up 6 points to 62 after increases in January and February.”

“While structural affordability challenges remain, the 50 bps decline in mortgages rates over the past two months, robust job growth and stabilizing consumer confidence should buoy demand during the spring buying season.”

“The NAHB index gauges builders’ perception of present sales and future activity over the next six months, providing some degree of survey evidence for a housing market upturn.”