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Builder Confidence Rises; Home Purchase Apps Increased in August; Fed Tomorrow

Builder Confidence Rises; Home Purchase Apps Increased in August; Fed Tomorrow

The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) increased 1 point in September. Along with an upward revision to the August number, that carried the HMI to its highest level of the year . The September reading was 68 and the August HMI was revised from 66 to 67. The index is a measure of builders confidence in the market for newly constructed homes and has held in the mid-to-upper 60s since May. NAHB Chairman Greg Ugalde said, "Low interest rates and solid demand continue to fuel builders' sentiments even as they continue to grapple with ongoing supply-side challenges that hinder housing affordability , including a shortage of lots and labor." "Solid household formations and attractive mortgage rates are contributing to a positive builder outlook," said
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