Home builder sentiment edged up 1 point to 38 in November, its highest level since April, according to the National Association of Home Builders (NAHB). While the index remains below the key 50 mark that signals growth, the increase beat expectations for a flat reading.
Buyer traffic and current sales conditions both improved slightly, rising to 26 and 41. Expectations for future sales dipped three points to 51 but remained above the 50 threshold for the second straight month.
What’s the bottom line?
Uncertainty and buyer hesitancy are still present but easing mortgage rates are helping affordability. NAHB Chief Economist Robert Dietz noted that the group expects a modest increase in single-family home construction next year.
