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Homebuilder sentiment saw a stronger-than-expected increase in May, as the NAHB sentiment survey rose more than expected to 66 from 63 and expectations of 64. Even after this month’s increase, sentiment remains well off its cycle high of 74 from December 2017, but it does erase much of the swift leg lower we saw in Q4 2018.
Looking at a breakdown of this month’s report by sales, traffic, and regional trends, gains were broad-based. The only category that didn’t see a boost was sentiment in the Midwest. Present Sales saw the biggest increase in terms