The National Association of Home Builders Housing Market Index for August was released at 59, stronger than expectations of 56.
This is a very current report and is for the first half of August. This is unlike several other housing reports that are backwards looking.
This report showed the highest homebuilders sentiment in almost eight years. We had mentioned that we expected there to be a lull in housing in July from migration. Meaning, that transactions that would normally have occurred at later dates may have migrated forward as rates began to rise.
It’s possible that now in August we have come out of the lull and housing will continue to remain strong. Builders, who have their pulse on the market, are saying that traffic and sentiment remains resilient, even with higher interest rates.
