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Oct 17, 2017 05:12 PM

US: Builder Confidence rises four points in October - NAHB

"Builder confidence in the market for newly-built single-family homes rose four points to a level of 68 in October on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This was the highest reading since May," the National Association of Home Builders reported on Tuesday.

Key highlights:

  • “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,”  MacDonald added.
  • “It is encouraging to see builder confidence return to the high 60s levels we saw in the spring and summer,” said NAHB Chief Economist Robert Dietz.
  • With a tight inventory of existing homes and promising growth in household formation, we can expect the new home market continue to strengthen at a modest rate in the months ahead,” Dietz added.