US Homebuilder Confidence Reaches 10-Month High Amid Housing Shortage

Confidence among US single-family homebuilders rose for the fifth consecutive month in May, hitting the highest level in 10 months, as limited home stock helped to renew optimism for the sector. The National Association of Home Builders/Wells Fargo's gauge of builder sentiment increased five points to 50, marking the first time the reading reached the midpoint mark of 50 since July 2022. The measure also topped expectations. The recent, modest dip in mortgage rates has buoyed sentiment, with housing confidence among Americans at the highest level in a year.