Homebuilder Confidence Bounces Back in October
|The NAHB/Wells Fargo Housing Market Index (HMI) rebounded in October, rising 4 points to 68, more than erasing last month’s 3 point drop. Gains were broad based, as all three components rose during the month.
Homebuilder Sentiment Shakes Off Storm Worries
- Following September’s hurricane-driven decline, the NAHB/Wells Fargo Housing Market Index rebounded 4 points in October to 68, which is the highest level since May.
- Confidence in the South rose by 2 points to 68 and the Northeast improved one point to 50. The Housing Market Index remains the highest in the West but was unchanged at 77 in October. The Midwest HMI also stayed put at 63.
Potential Concerns Still Loom
- While October confidence showed resiliency, longer term hurricane issues may still cause problems. Potential concerns include higher materials prices and even keener labor shortages due to increased demand for repair work following the storms.
- Both the current and future sales conditions indices rose 5 points to 75 and 78, respectively. Buyer traffic increased just 1 point to 48, reflecting continued low inventories of completed homes.
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