Industry NewsMarkets & Economy

Homebuilder confidence up but still low

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

An index measuring homebuilder conference rose for the first time in five months during October, but showed the vast majority of builders view the current level of sales as poor.Although more builders are expecting sales to pick up in the next six months, they remain in the minority, and traffic from prospective buyers remains low.The National Association of Home Builders/Wells Fargo Housing Market Index asks builders builders to rate current single-family home sales, sales expectations for the next six months, and traffic from prospective buyers.Scores from each component are used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.The index gauging current sales conditions rose three points in October, to 16. The index gauging sales expectations in the next six months rose five points, to 23. The index gauging traffic of prospective buyers rose two points, to 11.Collectively, the index was up three points, t...