Builder confidence in the single-family home market continues to edge higher, according to the latest results from an NAHB-Wells Fargo survey.
The National Association of Home Builders/Wells Fargo Housing Market Index for September reached 62 on a 100-point scale — its highest reading since 2005.
"The HMI shows that single-family housing is making solid progress, said NAHB Chairman Tom Woods, a home builder from Blue Springs, Missouri. “However, our members continue to tell us that they are concerned about the availability of lots and labor."
The index is compiled from a monthly survey that asks builders to rate current sales and future expectations. A number over 50 indicates positive sentiments.
"NAHB is projecting about 1.1 million total housing starts this year," said NAHB Chief Economist David Crowe. "Today's report is consistent with our forecast, and barring any unexpected jolts, we expect housing to keep moving forward at a steady, modest rate through the end of the year."