Homebuilder sentiment for the month of March came in significantly stronger than expected this morning, rising to 71 from last month’s level of 65 and expectations for a reading of 65 as well. As shown in the chart below, this month ranks as the highest reading since the height of the housing bubble back in June 2005. Just to illustrate how strong homebuilder sentiment has been in the last few months, going all the way back to 2003, this reading has exceeded expectations by 6+ points just five times and two of those occurrences were in the last four months.
The table to the right breaks down this month’s report by Present and Future Sales, Traffic, and Regions, and no matter what metric you look at. sentiment was more optimistic in March compared to February. Like the headline reading, cycle highs were also seen in every category and region except the Northeast and West. To see Bespoke’s full line of macro and micro research, sign up for one of our premium membership options today! You won’t be disappointed.