The NAHB's Housing Market Index dates to 1985. It's not one survey, though, but rather a composite of surveys which gauge builder perceptions of the new home-buying market.
The Housing Market Index lumps 3 surveys which ask:
- How would you rate market conditions for sales of new homes today?
- How would you rate market conditions for sales of new homes 6 months from now?
- How would you rate the foot traffic of prospective buyers of new homes?
The answers are then collated and weighted on a formula, then used to produce the Housing Market Index.
In January, market conditions for current and future sales were deemed to be flat. Foot traffic is seen as increasing, however. For new construction homebuyers in places like Gladwyne, Pennsylvania, increased foot traffic foretells potential bidding wars in the months ahead.
There will be more competition for new construction homes. There may also be fewer concessions from builders as confidence continues rising.
No comments:
Post a Comment