Index Looking up for Builders

The National Association of Home Builders tells MHProNews the NAHB/Wells Fargo Housing Market Index (HMI) reports builder confidence for new, single-family homes rose for the fourth straight month in August to its highest level since Feb. 2007. All three components that comprise the HMI—current sales conditions, sales prospects for the next six months, and traffic of prospective buyers—posted a six point gain in July followed by a two point increase in Aug. to 37. Any number above 50 indicates builders view sales as good rather than poor. Regionally, builder confidence rose nine points to 42 in the Midwest and two points to 35 in the South. The HMI indicates a decline of nine points to 25 in the Northeast and three points to 40 in the West. But as NAHB Chief Economist David Crowe says, “we are still at a very fragile stage of this process and builders continue to express frustration regarding the inventory of distressed properties, inaccurate appraisal values, and the difficulty of accessing credit for both building and buying homes.”

(Photo credit: Fotosearch)

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