In this episode, we discuss home developer sentiment using findings from John Burns' Home Builder Survey released on March 6th, 2023.

This survey consists of interviews of 300+ housing executives responsible for building 2,800+ housing communities in over 90 US metros.

Summary: From a down sentiment in Q4 of 2022 and January 2023, February boosted builder sentiment, pushing cancellation rates down and land acquisition efforts back up.

Important findings include:

• Large builders focusing on entry-level communities rather than move-up

• Project cancellation rates reducing back to normal in most areas.

• Builders reviving their land acquisition efforts in Q1 of 2023

• Sales have slowed down, but are still remaining strong.

• Large builders look like they'll continue to build large housing communities.