The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reports that builder confidence in July for newly-built, single-family homes rose two points in July over June. While the June number had dropped three points from the previous month, this marks the ninth time out of the last ten months the HMI has remained within a three-point range. Now in its 20th year, the HMI gauges builders’ expectations based on current single-family home sales and traffic as indicators of what to expect for the coming six months. Regionally, the South, Midwest, and West showed slight gains, while the Northeast registered a drop.
(image courtesy NAHB)