Home builders generally are optimistic about next year, but slow consumer income growth and other headwinds are creating a fair amount of pessimism for some.
Sales of newly built, single-family homes declined 2.1 percent to a seasonally adjusted annual rate of 464,000 units in November from an upwardly revised strong pace of 474,000 units in the previous month.
Builder confidence in the market for newly built, single-family homes was unchanged in November from a downwardly revised level of 54 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).
In all, 64.5 percent of new and existing homes sold between the beginning of July and end of September were affordable to families earning the U.S. median income of $64,400.
The 2012 Survey of Construction from the Census Bureau shows that on average it takes about seven months from obtaining a building permit to completing a new single-family home
Builder confidence in the market for newly built, single-family homes fell two points in October from a downwardly revised reading in the previous month to a level of 55 on the NAHB/Wells Fargo Housing Market Index (HMI).
Speakers who participated in the recent Net-Zero North American Leadership Summit share what the industry has learned about building to the green standard