Confidence among US homebuilders unexpectedly fell in January, as costly sales incentives outweighed a recent boost from lower mortgage rates and the president’s housing proposals.
An index of market conditions from the National Association of Home Builders and Wells Fargo decreased 2 points to 37 in January, its first decline since August. That fell short of the median estimate of economists surveyed by Bloomberg, who expected a reading of 40. A value below 50 means more builders see conditions as poor than good.
Builders’ downbeat mood puts a damper on some momentum that grew in the housing market in recent ...
