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US homebuilder confidence, sales expectations slip in November; outlook remains positive

U.S. homebuilders are feeling slightly less confident in their sales prospects heading into next year, even as their overall sales outlook remains favourable.

The National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday slipped this month to 62, down three points from a revised reading of 65 in October.

Readings above 50 indicate more builders view sales conditions as good, rather than poor. The index has been consistently above 50 since July last year.

Builders' view of current sales conditions and their outlook for sales over the next six months also declined. A measure of traffic by prospective buyers rose slightly.

The latest reading is consistent with a modest pace of growth in new home sales this year.

Alex Veiga, The Associated Press

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