According to the National Association of Home Builders (NAHB) Housing Market Index, builder confidence on single family properties surged three points in October to 71. This jump marks the highest level since February 2018, and up from 68 in October of last year. Any report resulting in an index of 50 or greater is considered as positive.
Low mortgage rates continue to be the driving force behind the strong housing market. NAHB Chairman Greg Ugalde echoed that statement, “The housing rebound that began in the spring continues, supported by low mortgage rates, solid job growth, and a reduction in new home inventory.” Within the index’s three components, current sales conditions rose three points to 78, sales expectations over the next six months jumped six points to 76, and buyer traffic rose five points to 54.
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