Builders claim they're feeling better about their business, but the sales numbers are still not reflecting that. So all eyes are on the spring market, which could determine the fate of both the stocks and the earnings of the biggest builders.
div > div.group > p:first-child"> Sales of newly built homes fell sharply in January, down nearly 7 percent month to month and down 4 percent compared with January 2018, according to the U.S. Census. This was a surprise, as builder sentiment jumped in January, according to the National Association of Home Builders.
The average rate on the 30-year fixed mortgage jumped more than 5 percent in November but fell back in December. It continued falling in January and has now settled around 4.5 percent, according to Mortgage News Daily. Mortgage applications to purchase a home, however, are basically flat compared with a year ago, according to the Mortgage Bankers Association.
"Although existing home buyers are capitalizing on the recent decline in mortgage rates, it didn't spark buyer interest in new homes in January," said Danielle Hale, chief economist for Realtor.com."Given the rising cost pressures builders are facing, this could suggest continued difficulty for new homes and new construction ahead."
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