Homebuilder confidence ticks higher as material costs ease

Homebuilder confidence ticked off 13-month lows in September as lumber prices fell and housing demand remained strong.

The National Association of Home Builders/Wells Fargo Housing Market Index last month rose one point to 76, climbing off the lowest reading since July 2020. It marked the first increase in four months. Analysts surveyed by Refinitiv were expecting sentiment to slip to 74.

The index can range between 0 and 100 with any print over 50 indicating positive sentiment. Any reading above 80 signals strong demand.