Home builders’ exceptional summer isn’t over yet. A monthly housing market gauge measuring builder confidence has hit its highest point in 35 years, the National Association of Home Builders, or NAHB, reported Wednesday.
The NAHB/Wells Fargo Housing Market Index rose to a reading of 83 in September, the trade organization said, surpassing a previous record of 78. All three components of the survey—which measure builder perceptions of current sales conditions, sales expectations over the next six months, and traffic of prospective buyers—reached new highs amid historic traffic fueled by low interest rates and migration trends, the trade group said in a release.
Like many housing indicators this year, the confidence index has been on a wild ride. As the coronavirus pandemic thrust the industry into uncertainty,