Wells Fargo Reports Home Builders’ Sentiment Holds Steady in November

The NAHB/Wells Fargo Housing Market Index remained unchanged at 63 in November. The Northeast, Midwest and West reported slight gains, while builder sentiment held steady in the South.

Builder Confidence Still-Solid Level

  • Home builders’ sentiment held put at 63 in November, which was in line with expectations. Modest improvement in prospective buyers’ traffic offset a 2 point dip in expectations for future single-family home sales, while the present sales measure was unchanged.
  • At the regional level, home builders reported a slight pickup in all areas, with the exception of the South, which saw no change.

Challenges for Housing Market Remain in Place

  • The builder sentiment index is 2 points above its six-month average and remains at a level consistent with modest gains in home sales. Buyers appear to be balking at higher priced homes, causing builders to adjust their product mix.
  • We continue to look for modest gains in the housing market in the year ahead, as higher home prices, low inventories and rising mortgage rates restrain affordability.

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