Industry News

Home builder confidence cools

Less foot traffic reported at model homes

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Following a strong bump-up in August, builder confidence in the market for new single-family homes edged down this month but remained within the narrow range maintained since this time last year, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index. The seasonally adjusted monthly gauge of builder sentiment registered a 68 for September, down three points from its month-ago reading. "This is exactly on par with the index's year-ago standing, and shows that, in the midst of a particularly devastating hurricane season, builder confidence is essentially unshaken," said Bobby Rayburn, NAHB president, and a home and apartment builder from Jackson, Miss.  "Favorable financing conditions, sound house-price performance and reviving consumer confidence continue to propel the single-family market," agreed NAHB Chief Economist David Seiders. "Builders are still reporting healthy demand for new homes across most markets, and that bodes well for sale...