(NAHB) US builder sentiment index was 80 in October, up by 4 points as strong consumer demand boosted optimism.
The current sales conditions index improved by five points to a high of 87.
The gauge for sales expectations in the next six months was up by 3 points to 84, while the measure of the traffic of prospective buyers rose by four points to 65.
On a three-month average, the Midwest builder sentiment rose one point to 69. The Northeast held at 72, while the West and South were unchanged at 80 and 83, respectively.
Despite the improvement in builders’ confidence, supply chain challenges and labor shortages continued to be a concern, adding pressure on home prices and material costs.
NAHB Chief Economist Robert Dietz says house affordability is still a concern and expects policymakers to fix the supply chains to spur more construction and ease house prices.
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