Home Builder Confidence Inches Up

MHProNews has learned from the National Association of Home Builders (NAHB) that builder confidence in the market for new, single-family homes rose for the third month in a row. This marks the first time that has happened since mid-2009, bringing the NAHB/Wells Fargo Housing Market Index (HMI) to 21, its highest point since May of 2010. Said NAHB Chief Economist David Crowe, “While large inventories of foreclosed properties continue to plague the most distressed markets and consumer worries about job security and the challenges of selling an existing home remain significant factors, builders are reporting more inquiries and more interest among potential buyers than they have seen in previous months.” The index is a compilation of current sales of single-family homes, sales expectations for the next six months, and traffic of prospective buyers. Builders see conditions as good rather than poor if the number is over 50. Regionally, the South registered a four-point gain to 25, the highest in that region in 3 1/2 years. The West had a one point gain to 16, the Midwest held steady at 24, and the Northeast slid one point to 15.

(Graphic credit: NAHB)

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