Homebuilders remain optimistic

Homebuilders became slightly less optimistic this month according to the National Association of Home Builders (NAHB), yet their confidence remains higher than any point prior to the COVID-19 pandemic (top graph below).  Likewise, the Traffic of Prospective Buyers component fell but remains at a historically high level (bottom graph).  The NAHB notes that prospective buyers are being increasingly sidelined by high home prices.