According to a July National Association of Home Builders/ Wells Fargo Housing Market Index (HMI) survey, builder confidence has grown significantly in the market for newly-built single-family homes — a sign that the housing market is ready for a post-COVID recovery.
“Builders are seeing strong traffic and interest in new construction as existing home inventory remains lean. Moreover, builders in the Northeast and the Midwest are benefiting from the demand that was sidelined during lockdowns in the spring. Low-interest rates are also fueling demand, and we expect housing to lead an overall economic recovery,” according to a press release from the National Association of Homebuilders.
The survey has also shown that the builder confidence is at the same level that it was before the pandemic occurred.