10:00 AM EST, 11/18/2024 (MT Newswires) -- The National Association of Home Builders' monthly housing market index rose to a reading of 46 in November from 43 in October, compared with expectations for no change in a survey compiled by Bloomberg as of 7:35 am ET.

The index was above a reading of 34 a year earlier.

The reading for single-family sales, the six-month outlook, and buyer traffic all increased in the month.

"While builder confidence is improving, the industry still faces many headwinds such as an ongoing shortage of labor and buildable lots along with elevated building material prices," NAHB Chief Economist Robert Dietz said. "Moreover, while the stock market cheered the election result, the bond market has concerns, as indicated by a rise for long-term interest rates. There is also policy uncertainty in front of the business sector and housing market as the executive branch changes hands."

NAHB Chairman Carl Harris noted that builders see a shift toward reduced building regulation with the newly elected Trump administration and Republican majorities in the House and Senate, which is expected to result in more home building.

Data on October home building from the US Commerce Department will be released at 8:30am ET Tuesday.