US: NAHB housing market index remains firm in October

The National Association of Home Builders housing-market index fell 2 points to a seasonally adjusted 63 in October, the trade group said Tuesday.

The reading matched expectations and was the second-highest level of the year, following a September reading of 65. Readings above 50 indicates more builders view conditions as good than poor.     

“Even with this month’s drop, builder confidence stands at its second-highest level in 2016, a sign that the housing recovery continues to make solid progress,” said NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill. “However, builders in many markets continue to express concerns about shortages of lots and labor.”