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NAHB/Wells Fargo Housing Market Index inched up, U.S. homebuilder confidence unexpectedly improves

Christian Fernsby |
The report said the NAHB/Wells Fargo Housing Market Index inched up to 68 in September from an upwardly revised August reading of 67.

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The National Association of Home Builders released a report on Tuesday showing an unexpected improvement in U.S. homebuilder confidence in the month of September.

With the unexpected uptick, the housing market index reached its highest level since a matching reading in October of 2018.

"Solid household formations and attractive mortgage rates are contributing to a positive builder outlook," said NAHB Chief Economist Robert Dietz. "However, builders are expressing growing concerns regarding uncertainty stemming from the trade dispute with China."

He added, "NAHB's Home Building Geography Index indicates that the slowdown in the manufacturing sector is holding back home construction in some parts of the nation, although there is growth in rural and exurban areas."

The modest increase by the housing market index came as the index gauging current sales conditions rose to 75 in September from 73 in August.

The component measuring traffic of prospective buyers held steady at 50, while the measure charting sales expectations in the next six months edged down to 70 in September from 71 in August.

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