Builder sentiment on the housing market dipped slightly in October but remained near the highest level in a decade.
The National Association of Homebuilders said Tuesday that its housing market index slipped by two points to 63, in line with what economists had expected.
The index components that measure current sales conditions and buyer traffic fell.
In September, the index matched the highest level in a decade. And so, this pullback shows that builders are still feeling quite confident in market conditions.
Homebuilders have been positive on the housing market amid low mortgage rates and a steady jobs market. However, concerns about labour shortages, rising worker wages, and land availability remain.