U.S. Builder Confidence Inches Upward
U.S. builder confidence in the market for new single-family homes in October rose 1 point to 68 on the NAHB/Wells Fargo Housing Market Index (HMI).
The HMI gauging current sales conditions increased 1 point to 74, and expectations in the next six months rose 1 point to 75. The component measuring buyer traffic increased 4 points to 53.
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