Homebuilder confidence in November shatters record high, as buyers keep fleeing for the suburbs


Homebuilder confidence in November shatters record high, as buyers keep fleeing for the suburbs



Key Points

  • In November, builder confidence in the construction market for single-family homes soared to its third record high in as many months.

  • “Historically low mortgage rates, favorable demographics and an ongoing suburban shift for home buyer preferences have spurred demand and increased new home sales by nearly 17% in 2020 on a year-to-date basis,” said NAHB Chairman Chuck Fowke.

  • Of the index’s three components, current sales conditions rose 6 points to 96. Sales expectations in the next six months increased 1 point to 89 and buyer traffic rose 3 points to 77.
The nation’s homebuilders have never been this happy.

In November, builder confidence in the construction market for single-family homes soared to its third record high in as many months.

Overall builder sentiment hit 90 on the monthly National Association of Home Builders’ Wells Fargo Housing Market Index. Anything above 50 is considered positive. Last November, the index stood at 71. At the start of the coronavirus pandemic, in April, builder confidence plummeted to 30. Buyer demand has been incredibly and unexpectedly strong since then....
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RSK: Sad in a way since downtowns are the heart of any community. Being vacant will only deteriorate them more.

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- - Volume: 8 - WEEK: 48 Date: 11/24/2020 8:48:04 AM -