In November, fewer consumers have plans to buy a home in the next 6 months, and they feel less confident about the U.S. economy, according to a Conference Board report released Tuesday morning.
A share of 5.6% of consumers had plans to buy a home (new or existing) in the months ahead, compared to 6.2% in October, and 6.5% a year ago. Many more consumers plan to purchase an existing home in the next six months (3.8%), compared to only 1.0% of respondents who plan to buy a new home. In November, 0.8% of respondents were uncertain about whether they would choose to purchase a new or existing home.
The Consumer Confidence Index declined to 90.4 this month, after a strong score of 99.1 in October. This month's score is also a 0.66% decrease year-over-year, when the composite series score was 91.0.
“Consumer confidence retreated in November, following a moderate decrease in October,” said Lynn Franco, economics indicators director at The Conference Board, in a statement. “The decline was mainly due to a less favorable view of the job market.”
Consumer confidence in business conditions also sharply declined in November---only 14.8% of respondents believe business conditions will improve over the next six months, compared to 18.1% of respondents in October.
The monthly survey, based on a random sample, is conducted by
Nielsen for the Conference Board.