On October 17, 2024, National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for newly built single family homes declined four points to 40 points in October of 2024 from 44 points in September of 2024.
The HMI component charting present sales conditions gained two points to 47 points, the HMI buyer traffic up two points to 29 points, and the HMI sales expectations index rose four points to 57 points in October of 2024.
The three-month moving averages for regional HMI scores, the West higher three points at 41 points, Northeast increased two points to 51 points, Midwest grew two points to 41 points, South unchanged zero points at 41 points, in October of 2024.
NAHB Chief Economist Robert Dietz, stated “We are forecasting uneven declines for mortgage interest rates in the coming quarters, which will improve housing demand but place stress on building lot supplies due to tight lending conditions for development and construction loans.”
For complete more detailed information about NAHB Builder Confidence Index for October of 2024, please click HERE
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