Homebuilder confidence rose for the third consecutive month in November, beating forecasts despite the persistence of supply-side challenges like shortages of construction materials, lots, and labor. Sentiment among single-family homebuilders moved up by three points to a reading of 83 in November, according to the NAHB/Wells Fargo Housing Market Index (HMI), marking the third month in row of rising builder confidence and exceeding consensus forecasts for a reading of 80. In April 2020, builder sentiment plunged to 30, when pandemic lockdowns sent the economy into a tailspin. It then surged to a record high of 90 in November 2020 on the back of the economic rebound, before seeing a gradual decline to 75 in August, and then ticking up again. “The solid market for home building continued in November despite ongoing supply-side challenges,” NAHB Chairman Chuck Fowke said in a statement. “Lack of resale inventory combined with strong consumer demand continues to …