Builder Confidence Holds Firm in November
Builder confidence in the market for newly-built single-family homes held steady in November.
Builder confidence in the market for newly-built single-family homes held steady in November at a level of 63 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).
“With most of our members responding before the November elections, confidence levels remained unchanged as they awaited the results,” said Ed Brady, NAHB chairman “Still, builder sentiment has held well above 60 for the past three months, indicating that the single-family housing sector continues to show slow, gradual growth.”
“Ongoing job creation, rising incomes, and attractive mortgage rates are supporting demand in the single-family housing sector,” said Robert Dietz, NAHB chief economist. “This will help keep housing on a steady, upward glide path in the months ahead."
The HMI components measuring buyer traffic rose one point to 47, and the index gauging current sales conditions held steady at 69. Meanwhile, the component that charts sales expectations in the next six months fell two points to 69. Looking at the three-month moving averages for regional HMI scores, the Northeast, Midwest, and West each posted respective two-point gains to 45, 58, and 77, respectively. The South remained unchanged at 66.
For more information, visit http://nahb.org/hmi.