If you’ve ever dreamed of building your own home, now is the time. The National Association of Home Builders (NAHB) reports builder confidence increased by 7 points in December, bringing the ranking up to the highest point since July 2005. It is believed that the November election was one of the main causes of this market uptick for newly-built, single-family homes.
“This notable rise in builder sentiment is largely attributable to a post-election bounce, as builders are hopeful that President-elect Trump will follow through on his pledge to cut burdensome regulations that are harming small businesses and housing affordability,” said NAHB Chairman Ed Brady. “This is particularly important, given that a recent NAHB study shows that regulatory costs for home building have increased 29% in the past five years.”
The findings are the result of monthly surveys for the NAHB/Wells Fargo Housing Market Index (HMI). The surveys have been conducted for 30 years, and are based on builder perception of single-family home sales and sales expectations for the next six months. Ratings are calculated as “good,” “fair,” or “poor,” with any rating over 50 resulting in a “good” condition. December’s ranking of 70 reflects the hope of many builders as we move into 2017. Read the full builder confidence report on the NAHB’s website.
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