Tuesday, November 18, 2014

Builder Confidence Rose in November

Homebuilders confidence in the market for newly built single-family homes rose 4 points to 58 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The index has remained above the 50-point benchmark for five consecutive months.

All three components of the index improved in November. Present single family sales increased 5 points to 62, single family sales for the next 6 months increased 2 points to 66 and traffic of prospective buyers increased 4 points to 45.

The largest increase in the HMI was recorded in the Northeast, which increased 12 points to 51, while the West increased 7 points to 60, the Midwest increased 3 points to 56 and the South increased 2 points to 62.

“Growing confidence among consumers is what’s fueling this optimism among builders,” said NAHB Chairman Kevin Kelly. “Low interest rates, affordable home prices and solid job creation are contributing to a steady housing recovery,” NAHB Chief Economist David Crowe noted.

Read the NAHB release.

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