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Labor and Land Costs Cited for Dip in Builder Confidence

Tuesday, December 15, 2015

The National Association of Home Builders (NAHB) said on Tuesday that its NAHB/Wells Fargo Housing Market Index (HMI) dropped one point in December adding to its three point loss in November.  The HMI, a measure of home builder confidence in the new home market is now at 61.  It had reached 65, its highest level in a decade, in October.

NAHB Chairman Tom Woods said, "Overall, builders are optimistic about the housing market, although they are reporting concerns with the high price of lots and labor."

The HMI is derived from a survey NAHB has conducted among its new home builder members since the early 1990s.  The survey asks respondents to gauge the current market for new homes as "good," "fair" or "poor" and to do the same regarding their expectations over the next six months. 

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