Builder Confidence Grows

In another sign of an improving housing market, the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) reports builder confidence in the market for new, single-family homes gained five points to 46. Marking the seventh consecutive monthly gain, and this is the highest reading since May 2006. Says NAHB Chief Economist David Crowe, “While our confidence gauge has yet to breach the 50 mark — at which point an equal number of builders view sales conditions as good versus poor — we have certainly made substantial progress since this time last year, when the HMI stood at 19.” Gains were posted in all four regions. The South rose to 43 points, the Midwest gained three points to 45, and the West moved up three points also to 47. As MHProNews has learned, the Northeast posted a gain to 31, but the survey was conducted in the two weeks immediately following Hurricane Sandy and reflects builder sentiment during that event.

(Photo credit: United Forest Products, Inc.)

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