The NAHB's Jing Fu takes a look at the latest Consumer Confidence Index numbers from the Conference Board, which dropped in October to 97.6 after September's high reading of 102.6.
In October, both the "present situation index" and the "expectations index" declined-- with consumers reporting that jobs aren't plentiful, and that today's business conditions are bad--though they remain high by historical standards.
The good news: the share of those who say they plan to buy a home, both new and existing, in the next six months spiked up:
Despite the monthly decline in overall confidence and consistent with the steady upward trend since the end of the recession, the Conference Board reported an increase in the share of respondents planning to buy a home within six months, from 5.8% in September to 6.3% in October. Also, 1.4% of respondents reported they have plans to buy a new home within six months, higher than 1.3% in September.