Homebuilder Sentiment Drops More Than Expected
Homebuilder sentiment unexpectedly declined this month as the headline reading dropped from 67 down to 64 compared to consensus estimates for a print of 67. If you had a deja vu moment when the numbers were released, that’s because the consensus estimate and actual print were the exact same as we saw in July. From its high back in May, homebuilder sentiment has now declined by seven points.
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The table below breaks down this month’s report by Present and Future Sales as well as Traffic. In this month’s report, every category saw a decline with both measures of sales taking the biggest hit. For the fourth straight month, Traffic came in below 50, which is the dividing line between positive and negative sentiment.
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The chart below breaks down homebuilder sentiment by region. Here, there was a mixed picture. While both the Northeast and West regions saw increases in sentiment, the Midwest and South regions saw sizable declines. In the case of the Midwest, this is the region of the country that saw the biggest improvement in sentiment immediately following the election, but it has now given up all of those post-election gains.
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