US: Home builder confidence pulled back slightly in June - Nomura

Analysts at Nomura note that in the US, home builder confidence in June pulled back slightly as the NAHB housing market index fell to 68 from 70 in May, below expectations (Nomura: 69, Consensus: 70).

Key Quotes

“Both the present and future single-family sales indices moderated slightly while still pointing to healthy consumer demand. Although home builders’ outlook remained optimistic, driven by strong demand, concerns over rising building material costs appear to have weighed on builders’ sentiment. The NAHB continued to mention rising lumber prices as a major concern.”