House-Hungry Millenials Help Keep Builder Confidence Solid

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Posted To: MND NewsWire

Builder confidence in the market for newly-built single-family homes stabilized a bit in September. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), which has been wobbly in recent months, retained its August reading of 67 in September. The two months are tied at the lowest level of the index so far this year. "Despite rising affordability concerns, builders continue to report firm demand for housing, especially as millennials and other newcomers enter the market ," said NAHB Chairman Randy Noel. "The recent decline in lumber prices from record-high levels earlier this summer is also welcome relief, although builders still need to manage construction costs to keep homes competitively priced." Derived from a monthly survey that NAHB has been conducting...(read more)

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