Single-family builder sentiment ticked up four points in October to hit its highest level since July, according to the latest National Association of Home Builders.
The latest NAHB/Wells Fargo Housing Market Index shows that builder confidence hit a level of 80, a high watermark since this summer, with new home sales rising 14% to an 800,000 annualized rate in September. Median prices are up almost 19% year-over-year and existing home sales hit an eight-month high.
On the flip side, overall construction starts ran counter to these trends, mainly owing to a 5% decline for multifamily starts of projects with more than five units. Single-family starts remained flat at a 1.08 million annualized rate.
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