Consumer confidence rose again in September, following August's upward trend. The Conference Board index data finds the confidence grew 3.7 percent month-over-month.
When it comes to the housing market, the report shows that more consumers are planning to buy a home in September than in August, up to 6.6 percent from 6.3 percent, and the National Association of Home Builders posits that this growth may signal an "offsetting some market concerns about declining housing affordability." Indeed, consumers unsure of whether or not they would buy a new or existing home declined by 0.5 percent to 0.9 percent overall. More than one percent of respondents seek to buy a new home, while 4.3 percent think they will buy an existing home.
It has surpassed the 2007 peak of 111.9 and spiked to the highest level since October 2000. Both the present situation index and the expectations index rose in September. The present situation index rose by 0.3 point from 172.8 to 173.1 and the expectations index jumped by 6.0 points from 109.3 to 115.3. The September increase in consumer confidence was mainly generated by an increase in the expectations index.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
