Confidence among U.S. home builders fell slightly in January after a big jump in December. A monthly sentiment index from the National Association of Home Builders fell one point to 56. Fifty is the line between positive and negative. December’s four point jump was revised down by one point.
“Rising home prices, historically low mortgage rates and significant pent-up demand will drive a continuing, gradual recovery in the year ahead,” said NAHB Chief Economist David Crowe. “However, the pace of the recovery could be stronger were it not for rising construction costs and inaccurate appraisals that are keeping some home sales from going through.”
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