Though builder confidence rose just one point in June, it is now at its highest level since May of 2007. The National Association of Home Builders Housing Market Index measures builders’ perceptions of the market for newly built, single-family homes on a scale where any number above 50 indicates that more builders view market conditions as good than poor. In June, the index reached 29. Barry Rutenberg, NAHB’s chairman, said the month’s modest uptick comes after a four point increase in May and is reflective of the continued, gradual improvement in many individual housing markets. The component measuring current sales conditions was up two points in June, while gauges of traffic and expectations for the next six months were unchanged. Regionally, the Midwest and West each posted significant gains. The South and Northeast each lost two points from the previous month. More here and here.

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