On November 16, 2023, National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for newly built single family homes declined six points to 34 points in November of 2022 from 40 points in October of 2023.
The HMI component charting present sales conditions down six points to 40 points, the HMI buyer traffic lower five points to 21 points, and the HMI sales expectations index decreased six points to 39 points in November of 2023.
The three-month moving averages for regional HMI scores, South dropped seven points at 42 points, the West fell six points to 35 points, Northeast lost one point at 49 points, Midwest down three points to 35 points in November of 2023.
NAHB Chief Economist Robert Dietz, stated “In particular, the 10-year Treasury rate moved back to the 4.5% range for the first time since late September, which will help bring mortgage rates close to or below 7.5%. Given the lack of existing home inventory, somewhat lower mortgage rates will price-in housing demand and likely set the stage for improved builder views of market conditions in December.”
For complete more detailed information about NAHB Builder Confidence Index for November of 2023, please click HERE