Home builder sentiment from the NAHB

  • Prior was 67
  • Gauge of buyer traffic climbs to highest since Feb at 53 vs 49 prior
  • Six-month sales outlook to 75 vs 74 prior

This is a nice turn after months of malaise. The bull case for housing is that inventories are tight and prices are artificially high because of tariffs. The bear case is that people can't afford the higher interest rates.