The chronic labor shortage will likely persist and have an even greater impact on builder confidence than lumber prices in the near term, reports National Association of Home Builders in a report issued Monday.

Nonetheless, the group's NAHB/Wells Fargo Housing Market Index (HMI) builder confidence index inched up one point in September to 76 on lower lumber prices and strong housing demand, even as the housing sector continues to grapple with building material supply chain issues and labor challenges.

This snapped a three-month decline. The index had been cooling in general since it hit a peak of 90 in November.

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