Home builder confidence remained flat in November from a downwardly revised level of 54, according to data from the National Association of Home Builders/Wells Fargo Housing Market Index released on Monday.
Analysts polled by Thomson Reuters had expected the index to increase to 56.
Fifty is the line between positive and negative. This marks the sixth consecutive month that more builders viewed market conditions as good than poor.
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"Given the current interest rate and pricing environment, consumers continue to show interest in purchasing new homes, but are holding back because Congress keeps pushing critical decisions on budget, tax and government spending issues down the road," said NAHB Chairman Rick Judson in the release.
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Judson noted that builders continue to face challenges stemming from increased construction costs and low appraisals.