U.S. March NAHB Homebuilders Index - Picture stabilizing
March’s NAHB homebuilders’ index of 38 is up from 27 in February which has been revised up from 36. The series picked up in late 2025 as the Fed resumed easing but had been showing signs of slipping in early 2026. Now the series looks fairly stable.
All three components of the index increased, single family sales by 1 point after a flat February, future expectations by two points to reverse a February dop, and buyers traffic by three points after a two point February decline.
Other housing surveys are mixed. The MBA house purchase index slipped in February but improved in the first week of March. Pending home sales were weak in December and January with February data due tomorrow. Existing home sales have been reasonably stable into February. New home sales picked up in late 2025. January 2026 data is due on Thursday.
