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Home builder confidence slips off nine-year highs

Construction in Porter Ranch
Workers put up framing of a home under construction in Porter Ranch in October.
(Mel Melcon / Los Angeles Times)

Home builders are taking a slightly dimmer view of the housing market, but they’re still generally bullish.

The National Assn. of Home Builders reported Thursday that its member confidence index slipped in October, ending a four-month run of gains that led to a nine-year high last month. The index remains in positive territory, though.

“While there was a dip this month, builders are still positive about the housing market,” said NAHB chief economist David Crowe. “Historically low mortgage interest rates, steady job gains and significant pent-up demand all point to continued growth.”

As has been the case for much of this year, builders were most optimistic about the prospects for future sales conditions, more so than current sales conditions or prospective buyer traffic. Builders were most confident in the Midwest, followed by the South and the West.

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Keep an eye on housing and real estate in Southern California. Follow me on Twitter at @bytimlogan


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