The National Association of Home Builders/Wells Fargo Housing Market Index stood at 67 in September, unchanged from August’s reading.
“Despite rising affordability concerns, builders continue to report firm demand for housing, especially as millennials and other newcomers enter the market,” said NAHB Chairman Randy Noel, a custom home builder from LaPlace, La. “The recent decline in lumber prices from record-high levels earlier this summer is also welcome relief, although builders still need to manage construction costs to keep homes competitively priced.”
Two of the three HMI components posted gains in September. The component measuring current sales conditions rose one point to 74; the component measuring sales expectations in the next six months grew two points to 74, while the component measuring buyer traffic remained at 49.
The regional three-month moving averages for HMI scores showed gains in one of the four regions. The Northeast edged one point up to 54 and the South was unchanged at 70. The West and Midwest declined one and three points to 73 and 59, respectively.
Read the NAHB release.
