{"id":37266,"date":"2023-07-18T10:26:41","date_gmt":"2023-07-18T14:26:41","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/strong-home-buying-demand-boosts-builders-business-outlook-to-the-highest-level-since-june-2022\/"},"modified":"2023-07-18T10:26:44","modified_gmt":"2023-07-18T14:26:44","slug":"strong-home-buying-demand-boosts-builders-business-outlook-to-the-highest-level-since-june-2022","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37266","title":{"rendered":"Strong home-buying demand boosts builders\u2019 business outlook to the highest level since June 2022"},"content":{"rendered":"
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The numbers:<\/strong> A persistent shortage of resale homes is fueling builders\u2019 optimism, as a key indicator of their confidence rose for the seventh month in a row in July.<\/p>\n

With mortgage rates at nearly 7%, many homeowners were finding little incentive to sell, and new listings were down 27% from a year ago, according to Realtor.com.<\/p>\n

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That\u2019s boosted interest in new homes, and given builders reason to remain confident about their outlook. The National Association of Home Builders\u2019 (NAHB) monthly confidence index rose 1 point to 56 in July, the trade group said on Tuesday.<\/p>\n

It was the seventh month in a row that sentiment has improved among builders. Confidence among builders was also at the highest level since June 2022, with a reading of 56.<\/p>\n

A year ago, the index stood at 55.\u00a0<\/p>\n

Key details: <\/strong>Builders continued to pull back on sales incentives amid strong interest from home buyers. The share of builders cutting prices to boost sales has dropped to 22% in July, from a peak of 36% in November 2022.<\/p>\n

The three gauges that underpin the overall builder-confidence index were mixed.<\/p>\n