U.S. builder confidence for new single-family homes in November fell for the 11th consecutive month, decreasing five points from October to 33, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI component gauging current sales conditions shrunk six points to 39, and the measurement of sales expectations in the next six months declined four points to 31 in November. The prospective buyer traffic component dropped five points from October to 20.
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
