For the first time in more than seven years, a key market index for homebuilders has risen above 50, which means the number of builders who think the market is favorable outnumber those who think it’s poor.
The NAHB/Wells Fargo Housing Market rose from 44 in May to 52 in June, the first time it has exceeded 50 since April 2006 and the biggest one-month increase in 11 years. NAHB chairman Rick Judson said in a statement that builders are optimistic about market conditions as the demand for new houses increases.
The index is 23 points higher than it was in June 2012, Reuters reports. Homebuilders are even more optimistic about the next six months, with the index on expected single-family sales rising from 52 to 61.
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