Builder Confidence Level Hits 10-Year High
Builder confidence, measured by the NAHB/Wells Fargo Housing Market Index slid up a point in September. Now at 62, it's the highest level in 10 years, reports NAHB chief economist David Crowe. Present sales indicator and traffic indicator both increased, but the measure of future sales declined to 68, he notes.
However, that two point decrease comes after two months of posting an index of 70 which, he adds, we haven't seen since late 2005. While the single-family recover is described as "slow", he says builders are expressing confidence that it will continue. Concerns about qualified labor, regulatory issues and availability of lots remain, he added. Read his post here.
Meanwhile, new federal data show housing starts dipping 3 percent in August, while the number of permits issued increased 3.5 percent. Permit growth is, of course, seen as a positive sign and, Crowe says, "a slight one-month decline is not unusual" considering the slow, steay pace of the recovery which he characterizes as "gradual" through the rest of the year. You can find that full news item here.
Both housing sectors posted production declines this month. Single-family housing starts fell 3 percent to a seasonally adjusted annual rate of 739,000 in August while multifamily starts dropped 3 percent to 387,000 units.
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