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November Builders Bulletin: Housing Metric Signals Drop in Builder Sentiment
The NAHB/Wells Fargo Housing Market Index (HMI), which measures builder confidence in the market for single-family homes, fell three points to 29 nationally in October, month over month. This represents a 14-year low. Looking at regional HMI data, the drop was even more pronounced in the West, falling to 20 – the lowest of four regions tracked by NAHB. The HMI is based on a monthly survey asking builders to rate current sales conditions, future sales expectations, and prospective buyer traffic.
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