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NAHB Reports Lowest Builder Confidence Reading Since 2014
Obstacles facing home builders have caught up with high builder confidence according to the National Association of Home Builders Housing Market Index for November. Builder confidence dropped eight points to an index reading of 60, which was the largest month-to-month drop in builder confidence since 2014. November’s decline in builder confidence was greater than the largest month-to-month decline during the housing crisis.
Housing Market Index readings over 50 are considered positive, but analysts said that long-standing headwinds caught up with home builders’ outlook on housing market conditions and sub-categories used to comprise the overall Housing Market Index reading.
Obstacles Impacted November Home Builder Confidence in Housing Market
Builders have long cited shortages of buildable lots, rising materials costs and labor shortages, but builder sentiment appeared strong until November. Recent tariffs on building materials and rising mortgage rates further added to builder concerns. Buyer traffic indicated that would-be home buyers may be waiting for home prices and mortgage rates to fall. Less demand for homes would increase inventories of homes for sale and potentially reduce extreme buyer competition that caused rapid price gains in high-demand metro areas.
Components of November’s NAHB HMI also declined in November. Builder confidence in current housing market conditions fell seven points ... more

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