The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes edged 3 points higher in November to a reading of 83. This marks the third consecutive month of upward movement in the HMI. Builder confidence topped at a level of 90 in November 2020.
Any reading above 50 indicates that more builders view conditions as good rather than poor and that demand remains strong.
In a statement prepared for the release of the HMI, NAHB Chairman Chuck Fowke, a custom home builder from Tampa, Florida said, “The solid market for home building continued in November despite ongoing supply-side challenges. Lack of resale inventory combined with strong consumer demand continues to boost single-family home building.”
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Builder Confidence Up on Strong Demand Even as Supply Side Challenges Persist