26 Nov Builders Continue Optimism
The November NAHB/Wells Fargo Housing Market Index rose four points to a level of 58 as builders continue to see promise in home selling. This marks the fifth consecutive month for the index to remain above the tipping point of 50 after a slow beginning to the year.
Builders are reflecting the optimism they receive from their customers as potential home buyers benefit from very low mortgage rates, affordable new home priced and price appreciation of their existing home. Pent up demand will push single-family production above 800,000 next year, particularly from current home owners who have experienced the normal life cycle changes that usually drive home buying but has been delayed.
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