Builder confidence improved slightly in November, according to data released by the National Association of Homebuilders (NAHB). Builder confidence in the market for newly built, single-family homes improved slightly, rising 1 point to 16 from a downwardly revised level of 15 in the previous month. The seasonally adjusted index shows a reading over 50 when more builders view conditions as good than poor-something that hasn't been the case since April 2006.
"Though the gains have been incremental, the fact that builder confidence has improved over the past two months is encouraging," said NAHB Chairman Bob Jones in a statement. The HMI is composed of three component indices.
The component gauging sales expectations over the next six months rose 2 points to 25; the component gauging traffic of prospective buyers rose 1 point to 12; and the component gauging current sales conditions held unchanged at 16.
