The NAHB/Wells Fargo Housing Market Index rebounded in November, recovering most of last month’s loss. Underlying details were strong, with the expected sales component leading the way.
Builder Optimism Improves
- The NAHB/Wells Fargo Housing Market Index (HMI) rose four points to 58 in November, marking five straight months above the key level of 50.
- The jump was fueled by gains in all subcategories. The present sales component increased the most, rising 5 points to 62, while the expected sales and prospective buyer traffic components increased to 66 and 45, respectively.
Details Strong, but Risks Remain for Northeast
- Expected sales in the next six months increased two points to 66, two points shy of a cycle high. This is a strong reading and supports our call for an improved housing market in 2015.
- Regionally, the largest gains were seen in the Northeast, where the HMI shot to 51 from a previous reading of 39. Mild weather may have boosted the reading and recent cold weather in the region may affect builder optimism going forward.
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