Builder confidence is at its highest since 2005
Builders are a strange lot. They are super confident at the wrong time and super cautious at the wrong times. So they should have been building for the last couple of years. They have not so our inventory is really low. As they build more, prices will slow. Simple supply/ demand economics.
Job growth is up so this is finally making them ramp up. The problem is that it takes so long from plan to actual product that the market can change in that time period. The time to worry is when they become over confident. That’s the time to sell.
