Builder confidence in the market for newly constructed single-family homes decreased three points to 62 in November compared with October, according to the National Association of Home Builders Housing Market Index.
Despite the dip, builder confidence remains above 60 and has done so for the past six months. The November reading is more in line with projections than the October reading was, said NAHB Chief Economist David Crowe in a statement.
"The November report is pullback from an unusually high October, and is more in line with the consistent, modest growth that we have seen throughout the year," he said. "A firming economy, continued job creation and affordable mortgage rates should keep housing on an upward trajectory as we approach 2016."
The HMI measures three components. Two posted losses in November: The index measuring sales expectations in the next six months fell five points to 70 and the index gauging current sales expectations dropped three points to 67. The index recording buyer traffic rose one point to 48.
