The Housing Market Index (HMI) is a measure of home builder confidence.
HMI readings below 50 indicate â€œpoorâ€ new construction conditions for single-family homes nationwide; ratings above 50 signal â€œgoodâ€ ones.
Not since April 2006 has the Housing Market Index crossed into â€œgoodâ€ territory, but the past two years have witnessed the HMI nearly triple; and the index is up from a reading of 25 just twelve months ago.
Values would have likely increased this month, too, if not for builder uncertainty. The NAHB citesÂ concern over prolonged legislative decisions as contributing factors to this monthâ€™s builder confidence reading. Specifically, the trade group expressed concern over the future of the federal income tax deduction for home mortgage interest and spending cuts related to the recent, so-called â€œfiscal cliffâ€.
As compared to the month prior, this monthâ€™s HMI showed the following :
January marks the tenth consecutive month through which buyer foot traffic has increased. Foot traffic is now at its highest level in nearly 7 years.
The NAHB Housing Market Index suggests a slow, steady rise in confidence among the nationâ€™s home builders. This is occurring, in part, because of improving housing market conditions both nationally and regionally. Another factor is rising confidence among todayâ€™s home buyers.
Home sale prices in Parkland remain relatively low and mortgage rates sit below 4 percent. With demand for homes growing, prices are expected to rise. Home buyers this winter may be more likely to get a good â€œdealâ€ than the buyers of spring or summer.
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