The National Association of Home Builders Housing Market Index is a measure of builders’ perception of the market for newly built, single-family homes on a scale where any number above 50 indicates that more builders view sales conditions as good than poor. In August, builder confidence rose two points to 37, reaching its highest level since February 2007. Barry Rutenberg, chairman of the NAHB, said builders see current sales conditions, sales prospects for the next six months, and traffic of prospective buyers as better than they’ve been in more than five years. According to Rutenberg, the outlook appears to be brightening after the depths of the recession. The gains marked the fourth consecutive month of improvement for the index. Regionally, three-month moving averages show the Midwest up five points, and the South and West both gaining three points. More here.
