The NAHB/Wells Fargo Housing Market Index, which uses builder survey responses about current prospective buyer traffic and sales expectations over the next six months to calculate its builder confidence metric, has held steady for the month of November at a seasonally-adjusted 63 points.
Builder sentiment has held well above 60 for the past three months, indicating that the single-family housing sector continues to show slow, gradual growth. Ongoing job creation, rising incomes and attractive mortgage rates are supporting demand in the single-family housing sector. These factors will help keep housing on a steady, upward path in the months ahead.
The HMI measurement of current buyer traffic rose by one point to 47. The index of current sales conditions remained unchanged at 69, while the index of sales expectations in the next six months fell two points to 69.NAHB Eye on Housing notes that most of these builders’ survey responses were given before the Nov. 8 elections.