Higher prices and longer wait times do not appear to be turning buyers away from the nation’s homebuilders. With demand still surging, homebuilder confidence in the market for single-family homes rose more than expected in November, to the highest level since last May — CNBC
According to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), builder sentiment in the market for newly-built single-family homes moved three points higher to 83 in November. Readings above 50 indicate that more builders view conditions as good than poor. Lack of resale inventories combined with strong consumer demand has been attributed to the boost in confidence, despite ongoing supply chain disruptions and labor shortages.
NAHB Chief Economist Robert Diaz said that the construction industry currently has more than 330,000 open positions. Additionally, there is a lack of space, in which lot availability is at “multi-decade lows”. Diaz is calling on policymakers to focus on resolving these issues in order to meet the strong demand.
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