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US Home Builder Sentiment Plummets in November

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The National Association of Home Builders (NAHB) housing market index had its largest decline in four years as housing affordability concerns rise.  The November reading of builder confidence in the market of new single-family homes came in at 60, well below the October reading of 68 and economists estimate of 67.  A print of above the 50 level shows that builders believe business are good.  The NAHB noted that despite the sharp drop, builder sentiment still remains in positive territory.  Builders report that they continue to see signs of consumer demand for new homes but that customers are taking a pause due to concerns over rising interest rates and home prices.

US Equities extended losses following the miss, while the dollar weakened against its major trading partners.  The greenback  fell below the November low against the Japanese yen, while the euro appears poised for its fifth straight daily gain against the dollar.  Tomorrow, Tuesday November 20th the Commerce Department is expected to release Building Permits and Housing Starts, economists are expecting slight improvements in both readings.

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
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