U.S. Builder Confidence Reaches Another All Time High in November
U.S. builder confidence for new single-family homes in November rose 5 points from October to 90 points, another record high for the 35-year history of the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI component measuring current sales conditions climbed 6 points to 96 and sales expectations in the next six months gained 1 point from October to 89. The component measuring prospective buyer traffic grew 3 points in November to 77.
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