The National Association of Home Builders [NAHB] reported that the nation’s home builders are seeing more buyers in the market, which in turn is fueling more confidence. The monthly home builder sentiment rose 2 points to 70 in November. This followed October’s 4-point jump.
The NAHB’s sentiment analysis rates anything above 50 to be positive sentiment: this is the second highest on record since before the recession, and lead economists are projecting continued upward movement of the single-family housing market through the close-out 2017.
The NAHB index was reported to be 63 in November 2016.
Fast Take
■ Builders are seeing higher traffic and sales.
■ Shortages of finished lots and labor continue to plague the industry.
■ Demand for housing is increasing at a consistent pace.
■ Job and economic growth continue to support construction trend.
■ Increased homeownership rates tracking with new construction.
■ Inventory shortages with low mortgage rates look to meet continued buyer demand.
■ Labor shortages crimping new home construction pace.
■ Buyer traffic also increased 2 points to 50, which is the first time in 6 months that this component has been in positive territory.
■ First-time buyers are older, having saved for a down payment, which is causing some to skip the starter homes process.
Regionally, the 3-month moving average of builder confidence in:
The Northeast is up 5 points to 54
The South is up 1 point to 69
The West is unchanged at 77
The Midwest is unchanged at 63
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