The National Association of Home Builders (NAHB)/Wells Fargo housing market index for November rose four points to 58 from a reading of 54 in October. The reading was higher than a consensus forecast of 55 from a Bloomberg survey.
An index reading above 50 indicates that more builders view sales conditions as good than view them as poor.
The current sales conditions subindex rose five points in November to 62, and the sales expectations subindex rose to 66, up two points month-over-month. The subindex that estimates prospective buyer traffic increased by four points to 45. The buyer traffic subindex has remained below 50 for months, although the NAHB reports that in many areas of the country buyer traffic continues to increase.
The NAHB’s chief economist noted:
Low interest rates, affordable home prices and solid job creation are contributing to a steady housing recovery. After a slow start to the year, the [index] has remained above the 50-point benchmark for five consecutive months, and we expect the momentum to continue into 2015.
The three-month moving average index rose in three of NAHB’s four regions and fell in one. In the Northeast, the index gained three points to post a 44 index score. The South’s score rose four points to 62, and the West posted a one point gain to 58. In the Midwest the index fell two points to 57.
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