The NAHB Homebuilder Sentiment index was just released earlier and was unchanged from last month, coming in at a level of 68 compared to expectations of 69.

Looking at the break down of this month’s report, there wasn’t much in the way of major moves.  The biggest swing was a three-point decline in sentiment for homebuilders in the West.

One chart we wanted to highlight was Future Sales, which fell two points.  A two-point m/m move is not really anything to get excited about, but it is now back down to its lowest level since the 2016 election.

On a regional basis, sentiment is basically following the national trend where sentiment peaked towards the end of 2017 and has been drifting lower ever since.

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