Continuing a run that has added 13 points since the beginning of the year, the National Association of Home Builders/Wells Fargo Housing Market Index, which gauges builder confidence of the new single-family homes market, rose another three points in October to register 71, the highest score since February 2018.

 

According to the NAHB, the housing rebound that began this spring is ongoing, thanks to low mortgage rates, solid job growth and a reduction in new home inventory. The latest statement from the association asserts, "The second half of 2019 has seen steady gains in single-family construction, and this is mirrored by the gradual uptick in builder sentiment over the past few months. However, builders continue to remain cautious due to ongoing supply side constraints and concerns about a slowing economy."

Charting the individual components, current sales conditions gained three points, sales expectations in the next six months moved up six points, and traffic of prospective buyers increased four points.