The National Association of Home Builders reported the highest builder confidence reading in seven months for May. May’s reading exceeded expectations for an index reading of 64 and rose three points to 67.
The meeting of the Federal Reserve’s Federal Open Market Committee ended Wednesday with the Committee’s customary post-meeting statement recapping monetary policy matters considered by the Committee. Members voted not to change the current target rate range of the federal funds rate. The current rate range of 2.25 percent to 2.50 percent.
Home builder confidence increased in April to an index reading of 63, which was one point higher than for March and the highest reading in six months. Analysts said that April’s reading revealed more about housing market conditions in the past six months than it was an indicator of future market conditions.
Although the majority of the Generation Z population make $25,000 or less per year, they really have embraced the American Dream of home ownership.
Last week’s economic releases included minutes from the most recent FOMC meeting, a report on January sales of pre-owned homes and weekly readings on mortgage rates and new jobless claims.