The National Association of Home Builders released its homebuilder sentiment index today for the month of September, hitting its highest level since nearly a decade ago. Here’s the report from The Wall Street Journal.
A gauge of homebuilder sentiment this month rose to its highest level since November 2005, a sign the U.S. housing market is shaking off worries about the global economy and volatile financial markets.
An index of builder confidence in the market for new single-family homes rose to a seasonally adjusted level of 62 in September, the National Association of Home Builders said Wednesday. A reading over 50 means most builders generally see conditions as positive.
The index stood at 61 in August and 60 in July. Economists surveyed by The Wall Street Journal expected a reading of 61 in September.
The index has been positive since July 2014, following five months in early 2014 when sentiment fell into in negative territory.
“Today’s report is consistent with our forecast,” said NAHB Chief Economist David Crowe. “Barring any unexpected jolts, we expect housing to keep moving forward at a steady, modest rate through the end of the year.”
In late August, the Commerce Department reported new-home sales rose by 5.4% to a seasonally adjusted annual rate of 507,000, after unexpectedly sinking in June. Sales of existing homes climbed to their precession pace in July, the National Association of Realtors reported in August.
