According to new data released by the influential National Association of Home Builders, its members are feeling good about the market for new homes in the U.S. In the Northeast specifically, confidence has increased annually and monthly. The NAHB/Wells Fargo Housing Market Index, the critical measure of builder confidence in the market for freshly constructed single-family homes, rose to a seasonally adjusted 64 for October. That’s the highest it’s been since November 2005. The index has remained over the critical measure of 50, the benchmark for a positive reading, since July 2014. September’s number matched August’s reading of 61, which was one better than July’s 60. The NAHB has surveyed builders for this data for three decades. The good news is that positivity about new homes means that grief about the state of other economies around the globe is not playing a role in how builders see their own financial futures. In the U.S., five years of job growth, al...
- Confidence among new home builders is the best in a decade.
- All four regions of the country showed confidence gains.
- Labor and land shortages continue to weigh on optimism.