(NAHB) The builder’s sentiment for newly constructed single-family homes rose by one point to 76 in September, ending three consecutive months of decline.
The uptick in builder’s sentiment reflected falling lumber prices and a robust housing market even as the sector faces supply chain and labor issues. Job openings in the sector continue to rise, although labor shortages are expected to persist.
Growth is seen gaining momentum in the South and West, with Exurban markets posting the strongest gains over the last year. Inner suburbs are also seeing an acceleration.
The index gauging current sales conditions ticked higher by one point to 82, while the gauge for prospective buyers’ traffic was up by two points to 61. The gauge for expected sales in the next six months was unchanged at 81.
NAHB projects house affordability to be a key determinant of demand-side dynamics in the next quarters due to the rapid price surges and costs in the construction sector over the last year.
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