U.S. NAHB housing market index rises in November

The U.S. NAHB housing market index of homebuilder sentiment rose in the month of November. The index rose from October’s 68 to 70 in November. The rebound was against consensus expectations for a slight easing in the index to 67 following the strong rise in the prior month.

The present single-family home sales sub-index rose just two points to 77, while the future expectations index dropped by just one point to 77. The measure for prospective buyers traffic was up from 48 to 50. The survey implies that the housing sector continues to be on line for a stable, albeit modest rebound, noted Barclays in a research report.

According to the NAHB, the solid sentiment indicator is in line with the housing market continuing to grow steadily. But it also underlined that homebuilders continue to face supply side restrictions such as lack of available land for development, labor shortages and ongoing material price rises.

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