The latest housing-market index from the National Association of Home Builders/Wells Fargo shows builders are growing more confident about the future of single-family home construction.
The index hit 57 in July, the highest level since January 2006 and six points better than the June reading. It is the third consecutive monthly gain. The index was released today.
David Crowe, the NAHB’s chief economist, said in a news release that builders are seeing more buyers as the inventory of existing houses continues to fall. “Meanwhile,” he said, “as the infrastructure that supplies home building returns, some previously skyrocketing building-materials costs have begun to soften.”
The index measures the outlook among builders on the sale of single-family homes and their expectations for sales in the next six months as “good,” “fair,” or “poor.”
NAHB said there were gains in all three areas that are tracked: current sales conditions, sales expectations, and the number of prospective buyers. The biggest gains came in the Midwest region.
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