NAHB Index posts its highest reading since May.
Builder confidence ticked up four points in October to a reading of 68 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), the group reported Tuesday. This was the highest reading since May.
“This month’s report shows that home builders are rebounding from the initial shock of the hurricanes,” said NAHB Chairman Granger MacDonald, a home builder and developer from Kerrville, Texas. “However, builders need to be mindful of long-term repercussions from the storms, such as intensified material price increases and labor shortages.”
