Sentiment among U.S. homebuilders fell more than expected in November, according to a monthly industry index, with scarcity of land and labor continuing to stymie growth. Builder confidence fell three points to 62 on the National Association of Home Builders/Wells Fargo Market Index. Anything above 50 is considered positive sentiment. October's reading was revised up by one point.
"The November report is pullback from an unusually high October, and is more in line with the consistent, modest growth that we have seen throughout the year," said NAHB Chief Economist David Crowe. "A firming economy, continued job creation and affordable mortgage rates should keep housing on an upward trajectory as we approach 2016."