U.S. homebuilder confidence in the market for single family homes unexpectedly fell in January, pulled down by surging COVID-19 infections and more expensive lumber, though the housing market remains underpinned by record low mortgage rates, Reuters reported. The NAHB/Wells Fargo Housing Market index slipped to a reading of 83 this month from 86. Economists polled by Reuters had expected the index would be unchanged at 86. A reading above 50 means more builders view market conditions as favorable than poor. The index hit an all-time high of 90 in November. Demand for housing is being driven by cheaper mortgages and an exodus from city centers to suburbs and other low density areas as companies allow employees to work from home and schools shift to online classes because of the coronavirus pandemic. About 23.7% of the labor force is working from home.
