By Eric Morath

WASHINGTON--A gauge of U.S. home-builder confidence edged lower in November, the latest sign the housing market is moving sideways this fall.

--The National Association of Homebuilders said Monday its housing market index fell to 70 from a level of 71 in October. The October reading was the index's highest level since February 2018. A reading above 50 indicates that more builders view conditions as good than poor.

--Economists surveyed by The Wall Street Journal had expected a reading of 71 for November.

--Low mortgage rates and job growth helped spur the index's improvement from 60 a year ago, the home builders said. But builders continue to grapple with affordability headwinds, including a lack of buildable lots and workers, NAHB chief economist Robert Dietz said.

-- The average rate on a 30-year, fixed-rate mortgage was 3.75% for the week ended Nov. 14. While mortgage rates remain historically low, they have edged higher since early September, according to Freddie Mac.

--The data is the latest sign the housing market has stabilized this fall after solid growth over the summer. Sales of previously owned U.S. homes fell in September after rising during the summer months, in part due to lack of supply of homes to buy. Builders have generally stepped up building new homes since 2011, but have struggled to fully meet the demand, especially for more affordable properties. The Commerce Department will release new data Tuesday on housing construction in October.

Write to Eric Morath at eric.morath@wsj.com

(END) Dow Jones Newswires

November 18, 2019 10:14 ET (15:14 GMT)

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