By Dees Stribling | MHN Online
Builder confidence in the market for newly built, single-family homes was unchanged in November from a downwardly revised level of 54 in October, according to the National Association of Home Builders, which released its Housing Market Index on Monday. That means that for the sixth consecutive month, more builders believe market conditions are good than poor.
The index gauging current sales conditions in November held steady at 58, while the component measuring expectations for future sales fell one point to 60—both strong readers. The index gauging traffic of prospective buyers, which is the weakest component, dropped one point to 42.
“Policy and economic uncertainty is undermining consumer confidence,” NAHB chief economist David Crowe warned. “The fact that builder confidence remains above 50 is an encouraging sign, considering the unresolved debt and federal budget issues cause builders and consumers to remain on the sideline.”
