NAHB

Homebuilder sentiment rose in May by more than forecast following a record slump a month earlier as a pickup in sales and demand expectations pointed to stabilization in the real estate market.

New-home construction declined in March from the previous month by the most since 1984 as the pandemic started to take a bigger toll on the housing market and broader economy.

Homebuilder sentiment plunged in April to the lowest level in more than seven years as the coronavirus pandemic kept potential buyers quarantined and paralyzed construction in much of the country.

The coronavirus pandemic has created confusion, delays and uncertainty in housing projects around the Bay Area, despite a crushing need for new homes from an industry deemed essential to work through the regional lock-down.

New-home construction exceeded forecasts in February, underscoring momentum in the industry a month before the coronavirus pandemic injected uncertainty into the economy.

Homebuilder sentiment fell to a four-month low in March as expectations of future sales dimmed amid a virus outbreak that threatens to dent activity across the industry and cause a recession.

U.S. homebuilder sentiment in February remained near the highest level since 1999 as lower borrowing costs kept construction firms upbeat about sales prospects.

With more younger Americans renting than buying homes, apartment builders expect their current construction wave to continue.

Homebuilder sentiment posted the highest back-to-back readings since 1999, as developers saw a surge in prospective buyers and a bump in the sales outlook.

The percentage of homes started last year and built within an association rose 2 percentage points to 63%, according to the National Association of Home Builders.