Yesterday, the National Association of Home Builders (NAHB) released their latest Housing Market Index (HMI) showing continued improvement in November with the composite HMI index rising to 46 while the "buyer traffic" index went flat at 35, a level not seen since April 2006.While all indicators have made truly spectacular improvements this year, it's important to note that conditions still remain fairly distressed by historic standards.
Although, looking at the data, it is fairly clear that the last few months of results indicate a major change in builder sentiment likely coming as a result of improvements in confidence given the notable rise in buyer traffic, reduced inventory and a more balanced monthly supply.
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