Home builders’ confidence in the market remained on firm footing prior to the election outcome, registering a 63 in the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The Index measures builder perceptions related to single-family home sales now and in the next six months. Any number over 50 is positive.
“With most of our members responding before the November elections, confidence levels remained unchanged as they awaited the results,” said NAHB Chairman Ed Brady in a statement. “Still, builder sentiment has held well above 60 for the past three months, indicating that the single-family housing sector continues to show slow, gradual growth.”
“Ongoing job creation, rising incomes and attractive mortgage rates are supporting demand in the single-family housing sector,” added NAHB Chief Economist Robert Dietz. “This will help keep housing on a steady, upward glide path in the months ahead.”
The Index measure of homebuyer traffic is up one point to 47, while the measure of current sales conditions, as well as sales expectations, is at 69.