Housing Shortages and Immigration Booms Are Colliding
On today’s Big Take podcast: What happens when rapid immigration meets slow housing production.
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On today’s Big Take podcast: What happens when rapid immigration meets slow housing production.
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Nov 18, 2019
Bloomberg News
,(Bloomberg) -- Homebuilder sentiment in the U.S. eased in November for the first time in five months while holding close to the highest level since February 2018.
The National Association of Home Builders/Wells Fargo Housing Market Index edged down 1 point to 70 as sales and traffic of prospective buyers cooled, according to data released Monday. The group’s gauge of builder optimism about sales over the next six months advanced to the highest since May 2018.
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Official’s View
“We have seen substantial year-over-year improvement following the housing affordability crunch of late 2018, when the HMI stood at 60,” Robert Dietz, NAHB’s chief economist, said in a statement. “However, lot shortages remain a serious problem, particularly among custom builders. Builders also continue to grapple with other affordability headwinds, including a lack of labor and regulatory constraints.”
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To contact the reporter on this story: William Edwards in Washington at wedwards29@bloomberg.net
To contact the editors responsible for this story: Scott Lanman at slanman@bloomberg.net, Vince Golle, Jeff Kearns
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