However, Fowke said that the chronic construction labor shortage remains an issue, pushing delivery times longer.
“The single-family building market has moved off the unsustainably hot pace of construction of last fall and has reached a still hot but more stable level of activity, as reflected in the September HMI,” said NAHB chief economist Robert Dietz. “While building material challenges persist, the rate of cost growth has eased for some products, but the job openings rate in construction is trending higher.”
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The index gauging current sales conditions increased one point to 82, the component measuring traffic of prospective buyers was up two points to 61, and the gauge charting sales expectations in the next six months the same at 81.
Builder outlook in Northeast, South, and West regions were down two points to 72, 80, and 83, respectively. The Midwest held steady at 68.