Builder confidence is on the upswing, according to the newly released National Association of Home Builders/Wells Fargo Housing Market Index.
Following three months of declines, both September and now October numbers have rebounded, with the newest ranking coming in at an 80 on the index. (The index is based on a scale from 0-100.)
Last month, builder confidence came in at a 76, but new numbers remain a ways off from the record high of 90 seen in November 2020.
“Although demand and home sales remain strong, builders continue to grapple with ongoing supply chain disruptions and labor shortages that are delaying completion times and putting upward pressure on building material and home prices,” said NAHB Chairman Chuck Fowke in a release.
According to CNBC, citing the U.S. Census, the median price of a newly built home sold in August 2021 was 20 percent higher than August of 2020. While some of that is the mix of homes selling, it also reflects builder increases.