Builder Confidence in U.S. Upticks in October

According to the National Association of Home Builders, U.S. builder confidence in the market for newly built single-family homes rose one point to 68 in October 2018 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Builder confidence levels have held in the high 60s since June 2018. "Builders are motivated by solid housing demand, fueled by a growing economy and a generational low for unemployment," said NAHB Chairman Randy Noel. "Builders are also relieved that lumber prices have declined for three straight months from elevated levels earlier this summer, but they need to manage supply-side costs to keep home prices affordable."