US Homebuilder Sentiment Rises to 10-Month High in Surprise Jump
- NAHB gauge rose five points to 50 in fifth straight increase
- Jump in sales expectations index helped drive sentiment higher
Contractors work on a home in Sumter, South Carolina.
Photographer: Micah Green/BloombergThis article is for subscribers only.
US homebuilder sentiment unexpectedly rose in May to the highest level in 10 months as limited supply continued to drive prospective buyers toward new construction.
The National Association of Home Builders/Wells Fargo gauge jumped five points to 50, extending a streak of increases to five months, figures showed Tuesday. Even with the recent improvement, the gauge is well below levels seen at the end of 2021, when mortgage rates were much lower.