Builder Confidence Grows One Point in October

Builder confidence rose one point in October to a level of 68 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).

The level has remained above 60 for five consecutive months, according to NAHB. Levels above 50 on the index are indicative of positive perceptions of the market by builders.

“Builders are motivated by solid housing demand, fueled by a growing economy and a generational low for unemployment,” NAHB Chairman Randy Noel said in a statement.

Lumber prices have also declined for three straight months after heightened levels at the beginning of the summer, Noel added.

The full HMI report can be found here.