The HMI index gauging current sales conditions increased three points, the component measuring sales expectations in the next six months jumped six points, and the measure charting traffic of prospective buyers rose four points.
Builder confidence in the market for newly built single-family homes rose three points to 71 in October, according to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). Sentiment levels are at their highest point since February 2018.
“The housing rebound that began in the spring continues, supported by low mortgage rates, solid job growth and a reduction in new home inventory,” said Greg Ugalde, NAHB chairman and a home builder and developer from Torrington, Conn.