Like most housing data from November, the most recent New Home Sales report showed sales volume increasing last month, and home supplies falling.
After posting a strong September, the number of newly-built homes sold nationwide slipped in October.
According to the National Association of Home Builders/Wells Fargo Housing Market Index, a combination of shrinking new home inventory plus higher-quality foot traffic is boosting builder optimism.
After improving 1 percent in August, New Home Sales popped another 7 percent in September. It’s no wonder homebuilder confidence is at a 5-month high.