FROM JOHN MURPHY HOMES BLOG
The National Association of Home Builders, NAHB, published it’s latest findings with the monthly survey it conducts of home builders optimism. The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) has been in the high 60’s and briefing hit the low 70’s the past few months. For August the report showed a healthy reading of 68. We are back to the same level of confidence we were at prior to the housing market crash. However, what’s interesting in my mind is that while builders’ confidence levels are very high, they are not building nearly the number of homes that they were building 2005-2007. They are doing a much better job of managing growth and controlling costs. They also have move upstream with more and more new homes being built for buyers with more money and credit as just reported by CNBC.
Twin Cities home construction has been very healthy but it took a dip recently with the latest numbers out from the Keystone Group. Permits for single family houses dropped 5% compared to the same period in 2016. For more information, check out the post from the Builders Association of the Twin Cities – Twin Cities Single-Family Construction Dips Slightly in July.
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