Elevated prices and longer wait times are not turning buyers away from the nation’s homebuilders.
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Homebuilder confidence in the market for single-family homes expanded more than expected in November, to a record-high level since last May.
Confidence jumped 3 points to 83 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). Any score above 50 is considered positive.
Chuck Fowke, NAHB Chairman, stated that the solid market for home building expanded in November despite continuing supply-side constraints.
Fowke further stated that the lack of resale inventory alongside strong consumer demand continues to bolster single-family homebuilding.
Out of the three components of the index, current sales conditions jumped 3 points to 89. Buyer traffic also rose 3 points to 68. Sales expectations remained unchanged at 84 in the next six months.