November’s homebuilder sentiment declined by one point yet is 10-points higher than it was a year ago, according to the National Association of Home Builders (NAHB) Housing Market Index. Low mortgage interest rates and a strong jobs market have contributed to this year-over-year increase.
However, Robert Dietz, chief economist at the NAHB cautioned that land availability was a problem while noting, “Builders continue to grapple with other affordability headwinds, including lack of labor and regulatory constraints.”