Even more good news from the housing market! Homebuilder confidence remained positive across the country in November, according to a new report by the National Association of Home Builders (NAHB).
Builder confidence in the newly built and single-family homes market maintained a level above 50, at a revised 54. This number was found using the NAHB/Wells Fargo Housing Market Index (HMI), an index that has great influence on builders, homebuyers, and real estate professionals. Any level measured above 50 indicates that more builders find market conditions favorable and promising, compared to those who do not. The newest level marks the sixth consecutive month to measure a positive reading – the first time this has happened since 2006!
Rick Judson, NAHB Chairman, considers the current average interest rate, as well as the encouraging pricing environment, as the reason for the continued interest in home buying. Interest rates may have been unpredictable as of late, but they are still historically low for the housing market. For homebuyers, locking in these incredibly low rates could mean paying less on a home over the next 30 years. Because of this, the revitalized interest in home buying has certainly had a positive affect on homebuilder confidence!
The NAHB Chief Economist, David Crowe, also notes that the “fact that builder confidence remains above 50 is an encouraging sign.” We couldn’t agree more! Especially into the fall and winter seasons, when housing activity typically slows down.
At Ross Bridge, positive homebuilder confidence is always exciting news to hear. Our new homes are some of the best in the Birmingham and Hoover markets, and we take pride knowing they contribute in some way to the economy. Best of all, homebuilder confidence isn’t the only testament to how well the housing market is doing. In the Birmingham-metro area, residential sales have been growing and thriving for the past three months. Just take a look at our recent blog posts!
Economists and experts across the country are encouraging homebuyers to act quickly, as there’s no telling how long this ideal buying environment will last. So, how can those who wish to move to Birmingham benefit from all of this good news? Take advantage of the market and move into a home in Ross Bridge! Sitting perfectly on the Robert Trent Jones Golf Trail, Ross Bridge was built to be the dream golf resort community – complete with the Marriott Renaissance Ross Bridge Golf Resort & Spa, a course on a world-famous golf trail, parks, pools, and walking paths. Ross Bridge truly has it all!