A gauge of U.S. home-builder confidence fell sharply in November, dragged down by heightened affordability concerns in the housing market.
The National Association of Home Builders on Monday said its housing-market index dropped by eight points to a reading of 60 in November, well below economists’ expectations and the lowest level in more than two years.
The index measures builder confidence in the market for new single-family homes. Figures over 50 mean more builders see conditions as good rather than bad, which means that, despite the November drop, builder sentiment is still in positive terrain.
By Sarah Chaney
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