Builder Confidence Unchanged in November

The National Association of Home Builders/Wells Fargo Housing Market Index held firm at 63 in November, the same level as the previous month of October.

NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Illinois, notes, “With most of our members responding before the November elections, confidence levels remained unchanged as they awaited the results. 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.”

NAHB Chief Economist Robert Dietz is optimistic about the prospects for a steady rise in housing over the coming months, stating, “Ongoing job creation, rising incomes and attractive mortgage rates are supporting demand in the single-family housing sector.”

The index component measuring current sales conditions remained unchanged at 69, while the index measuring buyer traffic rose 1 point to 47. However, the sales expectations component fell two points.

Three out of the four regional three-month moving averages for HMI scores increased. The Northeast, Midwest, and West each rose 2 points to 45, 58 and 77, respectively. The South held steady at 66.

Read the NAHB release.