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.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Sales Growth Lifts Builder Confidence to New Record High