Builder confidence held steady at a reading of 67 in September, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
NAHB Chairman Randy Noel said the confidence levels likely held firm due to millennials and other newcomers entering the housing market.
“The recent decline in lumber prices from record-high levels earlier this summer is also a welcome relief, although builders still need to manage construction costs to keep homes competitively priced,” Noel stated.
Affordability concerns have plagued the market this year as housing inventory has struggled to meet demands. The ongoing trade wars with Canada and China have also sparked increases in the cost of materials.
Confidence levels above 50 on the Housing Market Index indicate a positive view of the market by builders.
Related:
Rising Home Prices Push Housing Affordability to 10-year Low
