Builder confidence in the market for newly built, single-family homes rose three points to 16 in October, marking the first improvement registered by the HMI in five months, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI).
All three component indexes registered gains in October, with the component gauging home sales expectations for the next six months increasing five points to 23 in October compared with September. The component gauging traffic of prospective buyers rose two points to 11, and the component gauging current sales conditions increased three points to 16, according to the report.
Builder confidence also improved across every region in October. The West, which includes California, posted a four-point increase, rising to 12, according to the report.
Source: National Association of Home Builders
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