Homebuilders are still feeling positive about the market, but not as much as they were in September, when a monthly survey of builder confidence hit a high for the year.
The National Association of Home Builders/Wells Fargo Housing Market Index fell 2 points in October to 63, the reading analysts had forecast. Anything above 50 is considered positive sentiment.
“Even with this month’s drop, builder confidence stands at its second-highest level in 2016, a sign that the housing recovery continues to make solid progress,” NAHB Chairman Ed Brady said in a statement.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.