Homebuilder Sentiment Index Edges Up in November

The National Association of Home Builderssays its housing market index edged up in November, with many respondents feeling somewhat more optimistic about the prospect for home sales in the near future.

Home Construction
Photo by: stngls
Home Construction

The Washington-based trade association said Tuesday its index rose one point to 16, the highest reading since June.

Readings below 50 indicate negative sentiment about the market. The last time the index was above 50 was in April 2006. The report reflects a survey of 420 residential developers nationwide.

The reading for current sales conditions was unchanged at 16. The index measuring foot traffic from prospective buyers rose one point to 12, while the index for sales expectations over the next six months inched up two points to 25.