Builder Confidence Strengthens
After softening into May of this year, builder confidence focusing on newly built, single-family homes hit 60 in July, based on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). With June's confidence number now upwardly revised one point to 60, the numbers show some strength.
The index has three components. While one component - buyer traffic - softened, both current sales conditions and six-month sales expectations improved. You can find the NAHB's news item here.
“The fact that builder confidence has returned to levels not seen since 2005 shows that housing continues to improve at a steady pace,” said NAHB Chairman Tom Woods, a home builder from Blue Springs, Mo. He expects ongoing recovery through the second half of this year.
The data reflects stronger overall home sales, notes NAHB Chief Economist David Crowe. He also pointed out that shortages of lots and of labor remain a headwind.
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