Consumer confidence rose to a 5-month high in September amid solid job gains, declining gas prices and easing inflation, but according to NAHB Eye on Housing, Americans are still conflicted about how they should spend their money. While purchasing intentions for cars and major appliances increased in September, home purchasing plans fell as a result of elevated interest rates in the housing market.
Consumers were optimistic about business conditions and employment over the next six months, but the share of respondents planning to buy a home dropped to its lowest level since September 2021.
The Consumer Confidence Index, reported by the Conference Board, increased 4.4 points from 103.6 to 108.0 in September, the highest level since April 2022. The Present Situation Index increased 4.3 points from 145.3 to 149.6, and the Expectation Situation Index climbed 4.5 points from 75.8 to 80.3, the highest since February 2022.
Advertisement
Related Stories
Housing Policy + Finance
Even With Inflation Running Hot and Elevated Mortgage Rates, Buyer Demand Rises
Mortgage rates will likely stay high for the next few months, but that doesn't seem to be deterring homebuyers
Market Data + Trends
A Look at Homeownership Rates Across the Nation
Data for homeownership rates in the 100 largest US cities show Port St. Lucie, Fla., in the top spot, while West Virginia is the state with the most homeowners
Demographics
Millennials on Top Again as Largest Homebuying Group
Millennials beat out Boomers as the largest homebuying cohort, according to a recent report, but Boomers remain the largest generation of home sellers
