Daily Spotlight: Home Buyer Traffic Slips in March

Argus

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Mar 25, 2025

Summary

Home builders saw little postulation from prospective buyers successful March, which could measurement connected the outpouring selling season. Home shoppers look acrophobic that owe rates are stuck adjacent 7%. They besides look to beryllium somewhat little optimistic astir their finances. The header NAHB/Wells Fargo Housing Market Index declined by 3 points successful March to 39, the lowest level successful 7 months. The purchaser postulation constituent of the scale dropped by 5 points to 24. A abstracted scale of Home Purchase Sentiment from Fannie Mae saw its archetypal year-over-year diminution successful astir 2 years. Mark Palim, Fannie Mae's Chief Economist said the following. "This increasing pessimism makes sense, arsenic owe rates had remained adjacent the 7% threshold for a fewer months, including erstwhile we fielded this survey." The existent complaint is 6.67%. The February survey merchandise besides cited a "notable decline" successful consumers' optimism toward their idiosyncratic fiscal situation, including household income and interest they could suffer their job. This morning, the Census Bureau and Department of Housing and Urban Development volition study New Home Sales for February. We expect a 5% year-over-year summation to a seasonally adjusted yearly complaint of 700,000. That is amended than the 15-year mean of 550,000, but good beneath the 2005 highest of implicit 1.3 million. The statement is 680,000. Also this morning, we expect the S&P/Case-Shiller National Home Price Index