Homebuilders and the Moving Industry confidence highest in 7 years
Cord Moving and Storage headquartered in Saint Louis, MO is reporting that the confidence among the nation’s home builders has reached its highest level since November 2005, according to the National Association of Home Builders which is good news for the relocation industry.
Its confidence index has reflected a positive outlook among builders for seven consecutive months. All three components of the index — current sales conditions, sales expectations and traffic of prospective buyers — rose this month.
“The recent spike in mortgage interest rates has not deterred consumers as rates are still near historically low levels,” said NAHB chief economist David Crowe. “Following a two-month pause in the index, this uptick is due in part to release of the pent-up demand caused by the uncertainty generated by the October government shutdown.”
A Department of Commerce report earlier this month showed the number of buyers signing a contract for a new home in October jumped 25 percent from September’s pace.
The October pace of sales — an annual rate of 444,000 — is still far off the new home sales peak in July 2005, when sales were running at an annual rate of nearly 1.4 million but Cord Moving looks at this as there is a steady improvement and one to be pleasantly pleased with.