US homebuilder confidence drops to 3-year low in December

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A report by the NAHB National Association of Home Builders showed that in December, the confidence of US home builders continued to deteriorate. The index of the US housing market was 56 points, down from 60 points in November. Experts had expected it to increase to 61 points. The December index value was the lowest since May 2015. The largest drop in the index was observed in areas with high housing prices. NAHB Chief Economist, Robert Dietz, noted that developers needed to ensure that housing prices were competitive for buyers in different price categories. According to him, in December, all components of the index showed a decline. Thus, the indicator that determines the current conditions, fell by 6 points. The expectations indicator for the next six months decreased from 65 points to 61 points.

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