It’s been quite a year for the National Association of Home Builders/Wells Fargo Housing Market Index. In April, amid the worst of the coronavirus pandemic, the Index plunged 30 points to its lowest level since 2012. Yesterday—just four months later—the Index reached its highest point in its 35-year history.
Builder confidence in the market for newly built single-family homes jumped 14 points to 72 in July, the National Association of Home Builders reported yesterday, calling it a “strong signal” that the housing market is ready to lead a post-COVID economic recovery.
Two months ago, the National Association of Home Builders/Wells Fargo Housing Market Index suffered its biggest one-month drop in history, falling by more than 40 points to an eight-year low. This month, the Index rebounded back into positive territory.
The coronavirus pandemic is taking its toll on many sectors of the housing market—and according to the Joint Center for Housing Studies of Harvard University, the previously solid home remodeling market is about to take a hit as well.
The economic effects of the coronavirus clobbered the home building industry this month, with the National Association of Home Builders reporting its Housing Market Index plunged a record 42 points to its lowest reading in nearly eight years.
Builder confidence in the market for newly built single-family homes increased five points to 76 in December off an upwardly revised November reading to its highest reading since June 1999, the National Association of Home Builders reported yesterday.