Sign In  |  Register  |  About Menlo Park  |  Contact Us

Menlo Park, CA
September 01, 2020 1:28pm
7-Day Forecast | Traffic
  • Search Hotels in Menlo Park

  • ROOMS:

Homebuilder sentiment jumps in February by biggest amount in a decade

Builder sentiment in the market for single-family homes climbed in February to the highest level since September as mortgage rates fall from a peak high.

Confidence among builders in the U.S. housing market increased more than expected in February as a recent decline in mortgage rates helps to stoke buyer demand.

The National Association of Home Builders/Wells Fargo Housing Market Index, which measures the pulse of the single-family housing market, rose 7 points to 42, the highest reading since September and the largest one-month gain since June 2013.

Any reading above 50 is considered positive; prior to 2022, the gauge has not entered negative territory since 2012, excluding a brief – but steep – drop in May 2020. 

The index has fallen to half of what it was just one months ago, when it stood at 81, although it has increased from a low of 31. It peaked at a 35-year high of 90 in November 2020, buoyed by record-low interest rates at the same time that American homebuyers – flush with cash and eager for more space during the pandemic – started flocking to the suburbs. 

This is a developing story. Please check back for updates.

Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Copyright © 2010-2020 & California Media Partners, LLC. All rights reserved.