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Financial News: U.S. Homebuilder Confidence Unexpectedly Improves In Octob

U.S. Homebuilder Confidence Unexpectedly Improves In October

10/17/2017 - 10:23:00 (RTTNews)

(RTTNews) - Homebuilder confidence in the U.S. has unexpectedly seen an improvement in the month of October, according to a report released by the National Association of Home Builders on Tuesday.

The report said the NAHB/Wells Fargo Housing Market Index surged up to 68 in October after dropping to 64 in September. Economists had expected the index to come in unchanged compared to the previous month.

"This month's report shows that home builders are rebounding from the initial shock of the hurricanes," said NAHB Chairman Granger MacDonald.

He added, "However, builders need to be mindful of long-term repercussions from the storms, such as intensified material price increases and labor shortages."

The unexpected jump by the housing market index reflected increases by all three of the components that make up the index.

The component gauging current sales conditions and the index charting sales expectations both rose by five points to 75 and 78, respectively, while the component measuring buyer traffic inched up one point to 48.

On Wednesday, the Commerce Department is scheduled to release a separate report on new residential construction in the month of September.

Housing starts are expected to edge down to an annual rate of 1.175 million in September after sliding to a rate of 1.180 million in August.

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