U.S. builder confidence for new single-family homes in November increased three points from October to 83, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI component gauging current sales conditions grew three points to 89 and the measurement of sales expectations in the next six months remained at 84 in November. The component measuring prospective buyer traffic gained three points from October to 68.
Derived from a monthly NAHB survey, the HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months. Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good rather than poor. See NAHB