From the National Association of Home Builders:
Recent housing construction indicators continue to point to ongoing expansion.
The NAHB/Wells Fargo Housing Market Index (HMI) rose another five points to a 6-year high of 46 in November. The HMI measures builder confidence for the single-family market.
The component measuring traffic remained unchanged at 35; the component measuring current sales rose eight points to 49 while the component measuring future demand rose two points to 53. The expectation component has been above the tipping point of 50 for three consecutive months.
Consistent with the November HMI reading, the Census Bureau reported housing construction increased to another post-2008 high. Housing starts for October were up 3.6% from their elevated September level to a seasonally adjusted annual level of 894,000, the highest since July 2008. On an annual basis, starts increased 41.9% from October 2011. Housing permits, a signal of future construction activity, were down 2.7%, but single-family permits rose 2.2% to a 562,000 level.