US Residential Construction Sentiment Slips

Wednesday, July 20th, 2016
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US residential construction are feeling slightly less optimistic about their sales prospects this month

The National Association of Home Builders/Wells Fargo builder sentiment index released fell one point to 59.

Readings above 50 indicate more builders view sales conditions as good, rather than poor.

The index had mostly held at 58 this year before rising to 60 last month.

Builders’ view of current sales and traffic by prospective buyers slipped one point this month. Their outlook for sales over the next six months slid three points.

The latest survey of builders follows a recent pullback in sales of new US homes.

Sales declined 6 per cent in May to a seasonally adjusted annual rate of 551,000 homes.

Overall, though, sales are running ahead of last year’s pace through the first five months of this year, aided by job growth and ultra-low mortgage rates.

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