Homebuilder sentiment rose in December

U.S. homebuilder sentiment improved in December for the first time in five months as falling mortgage rates led to a pickup in prospective-buyer traffic and sales expectations.

The National Association of Home Builders/Wells Fargo gauge rose 3 points to 37, according to data out Monday.

The figure matched the median forecast in a Bloomberg survey of economists.

Prospects that housing demand will at least stabilize next year are starting to improve with mortgage rates falling to their lowest levels since August.

Even with the decline, borrowing costs are more than twice as high as they were at the end of 2021 and home prices remain elevated.

“The housing market appears to have passed peak mortgage rates for this cycle, and this should help to spur home buyer demand in the coming months,” Robert Dietz, NAHB chief economist, said in a statement.

Despite the recent decline in financing costs, 60% of developers are still extending incentives to spur demand. Some 36% of builders reported cutting prices in December, matching the previous month as the highest share of the year.

The report showed the gauge of prospective buyer traffic also climbed for the first time in five months, while a measure of expected sales reached a three-month high.

Amazon in talks with broadcaster

Amazon.com Inc. is in talks with Diamond Sports Group and some of its creditors to invest in the bankrupt regional-sports broadcaster and start a streaming partnership, according to people familiar with the matter.

Under the potential deal, Amazon would acquire multiyear streaming rights to MLB, NBA and NHL games carried on cable channels operated by Diamond Sports, said the people, who requested anonymity to discuss a private matter.

Diamond would continue to operate the channels, they said, adding that it was unclear how much Amazon would invest in the company.

The Wall Street Journal reported the talks earlier. Representatives for Diamond and Amazon declined to comment.

The talks are not final and could change.

Any transaction is subject to bankruptcy court approval.

From wire reports