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

U.S. Homebuilder Confidence Unexpectedly Improves In November

11/16/2017 - 10:14:00 (RTTNews)

(RTTNews) - Homebuilder confidence in the U.S. unexpectedly improved in the month of November, according to a report released by the National Association of Home Builders on Thursday.

The report said the NAHB/Wells Fargo Housing Market Index rose to 70 in November from 68 in October. Economists had expected the index to be unchanged.

"November's builder confidence reading is close to a post-recession high - a strong indicator that the housing market continues to grow steadily," said NAHB Chairman Granger MacDonald.

He added, "However, our members still face supply-side constraints, such as lot and labor shortages and ongoing building material price increases."

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

The component gauging current sales conditions rose two points to 77 and the index measuring buyer traffic increased two points to 50.

On the other hand, the report said the index charting sales expectations in the next six months dropped a single point to 77.

The Commerce Department is scheduled to release a separate report on new residential construction in the month of October on Friday.

Housing starts are expected to rise to an annual rate of 1.185 million in October after tumbling to a rate of 1.127 million in September.

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