The National Association of Home Builders released the results of its NAHB/Wells Fargo Housing Market Index for July, indicating that builder confidence has reached its highest level in nearly ten years.
Builder confidence in the market for newly built, single-family homes in July hit a level of 60 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), while the June reading was revised upward one point to 60 as well. The last time the HMI reached this level was in November 2005.
“The fact that builder confidence has returned to levels not seen since 2005 shows that housing continues to improve at a steady pace,” said NAHB Chairman Tom Woods. “As we head into the second half of 2015, we should expect a continued recovery of the housing market.”
The component of the July survey gauging current sales conditions rose one point to 66 and the index charting sales expectations in the next six months increased two points to 71.
