The National Association of Home Builders/Wells Fargo Housing Market Index increased to 83 in November.
“The solid market for home building continued in November despite ongoing supply-side challenges,” said NAHB Chairman Chuck Fowke. “Lack of resale inventory combined with strong consumer demand continues to boost single-family home building,” said NAHB Chairman Chuck Fowke.
“In addition to well publicized concerns over building materials and the national supply chain, labor and building lot access are key constraints for housing supply,” said NAHB Chief Economist Robert Dietz. “Lot availability is at multi-decade lows and the construction industry currently has more than 330,000 open positions. Policymakers need to focus on resolving these issues to help builders produce more housing to meet strong market demand.”
The HMI component measuring buyer traffic increased three points to 68. The component measuring current sales conditions rose three points to 89, and the component measuring sales expectations in the next sixth months held steady at 84.
Looking at the three-month moving averages for regional HMI scores, the Midwest rose four points to 72, the South posted a four-point gain to 84, and the West rose one point to 84. The Northeast fell two points to 70.
Read the NAHB release.