3/19: MetroIntelligence Economic Update by P. DUFFY

March builder confidence holds steady at 62

Builder confidence in the market for newly-built single-family homes held steady at 62 in March. The HMI component charting sales expectations in the next six months rose three points to 71, the index gauging current sales conditions increased two points to 68, and the component measuring traffic of prospective buyers fell four points to 44.

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February new home mortgage applications up 6.0 percent from January and 3.0 percent year-on-year

The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for February 2019 shows mortgage applications for new home purchases increased 3 percent compared from a year ago. Compared to January 2019, applications increased by 6 percent. This change does not include any adjustment for typical seasonal patterns.

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March consumer sentiment rebounds 4.3 percent to 97.8

Consumer sentiment rebounded by 4.3% in an early March read to 97.8, but the real gain was seen by households in the bottom two-thirds of the income distribution.  Sentiment among those in the top third fell slightly.  The divergence was due to much better income expectations by the lower-income groups.

www.sca.isr.umich.edu/

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