After a post-election surge in December, homebuilder confidence pulled back more than expected to kick off the year. While economists were forecasting the NAHB homebuilder sentiment survey to come in at a level of 69 this month, the actual reading came in two points lower at 67, and down three points from December’s originally reported reading of 70. We would note that last month’s initial reading was also revised down one point, so the m/m decline was just two points. Looking at the chart below, even after this month’s decline, sentiment remains above every other reading of this expansion prior to December.
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