Builder Confidence Rises Modestly

house sold     Paul j richards afp getty imagesBringing the index to its highest number since January, builder confidence for newly-built single-family homes rose two points to 55, according to the survey by the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the third consecutive monthly gain. The HMI measures builder perceptions of current single-family home sales, sales expectations for the next six months and rating of prospective buyers as high, average or low. “Each of the three components of the HMI registered consecutive gains for the past three months, which is a positive sign that builder confidence appears to be firming following an uneven spring,” said NAHB Chief Economist David Crowe. “Factors contributing to this rise include sustained job growth, historically low mortgage rates and affordable home prices, which are helping to unleash pent-up demand.” But as MHProNews understands, tight credit and a shortage of buildable lots continues to hamper a stronger recovery. ##

(Photo credit: Paul J. Richards/Getty Images)

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