A report released by the National Association of Home Builders said that the NAHB/Wells Fargo Housing Market Index rose to 70 in November from 68 in October. Economists had expected the index to be unchanged.
"November's builder confidence reading is close to a post-recession high — a strong indicator that the housing market continues to grow steadily," said NAHB Chairman Granger MacDonald.
He added, "However, our members still face supply-side constraints, such as lot and labor shortages and ongoing building material price increases."