Builder confidence in October is the highest it has been since February 2018, at a level of 71, the National Association of Home Builders (NAHB) reports.
The confidence level rose three points from September. Levels over 50 indicate general confidence about the state of the housing market.
“The housing rebound that began in the spring continues, supported by low mortgage rates, solid job growth and a reduction in new home inventory,” NAHB Chairman Greg Ugalde stated.
Although confidence levels are solid, builders are remaining cautious due to ongoing supply side constraints and concerns about a slowing economy, NAHB Chief Economist Robert Dietz added.
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