Builder Confidence Rebounds In October

Labor shortages and supply-chain disruptions have been an issue for home builders ever since the pandemic’s onset last year. But, despite those challenges, the National Association of Home Builders’ Housing Market Index has remained strong. The index – which surveys builders and scores their responses on a scale where any number above 50 means more builders view conditions as good than poor – has remained high mostly because demand from buyers has kept builders optimistic about the market. That trend continued in October, with the index increasing four points to 80. Chuck Fowke, NAHB’s chairman, says sales are still strong but supply-side issues are putting pressure on prices. “Although demand and home sales remain strong, builders continue to grapple with ongoing supply chain disruptions and labor shortages that are delaying completion times and putting upward pressure on building material and home prices,” Fowke said. The index component gauging current sales conditions saw the biggest improvement in October, though measures of future expectations and buyer traffic also registered gains from the month before. (source)

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