Builder Confidence in Newly-Built Single-Family Homes Sets Another Record at 90 in November

The National Association of Home Builders (NAHB) /Wells Fargo Housing Market Index (HMI) indicates that builder confidence in the market for newly-built single-family homes advanced 5-points in November, to set another new all-time high reading of 90. The previous highest reading was 85 and was set last month. This marks the first time that the index has been over 80 for three months in a row. In their analysis summary, the NAHB notes that housing continues to lead the U.S. economy forward. Noting that, historically low mortgage interest rates, favorable statistics and buyers’ interest in the suburbs, exurbs and small towns continues to increase and in turn has prompted demand and increased new home sales by nearly 17% year-to-date in 2020. Headwinds do however exist, with a shortage of available and affordable lots and skilled labor.