Builder confidence in the market for new single-family homes was unchanged in November from a downwardly revised level of 54 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This indicates that, for the sixth consecutive month, more builders see market conditions as good than poor.
"Given the current interest rate and pricing environment, consumers continue to show interest in purchasing new homes, but are holding back because Congress keeps pushing critical decisions on budget, tax and government spending issues down the road," said NAHB Chairman Rick Judson.
"Policy and economic uncertainty is undermining consumer confidence," said NAHB Chief Economist David Crowe. "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."
The November HMI gauge of current sales conditions was unchanged at 58. The gauge of expected future sales was down a point to 60. The gauge of prospective buyer traffic was down a point to 42.
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