Homebuilder sentiment fell to 57 in January from a revised 58 reading in December.
Expectations were for the reading to come in at 58, up from 57 last month.
December’s report was a bit of a disappointment, as the reading unexpectedly declined, though sentiment overall remains near a 9-year high.
Following Tuesday’s report, Ian Shepherdson at Pantheon Macro said, “In one word: Flat.”
Shepherdson called the report more evidence that the trend in housing flat, and added that it seems the Fed has finally accepted that a robust economic recovery need to be accompanied by a booming housing market.
More to come …