U.S. builder confidence for new single-family homes grew three points in November to 46, marking the third consecutive monthly increase, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The HMI component that tracks current sales was up two points to 49, and the measurement of sales expectations for the next six months rose seven points to 64 in November. The prospective buyer traffic component was 32, strengthening three points from October.
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
