Builder confidence in the market for newly built, single-family homes rose five points to 29 in May, according to the National Association of Home Builders Housing Market Index. The improvement brought the index to its highest level since May 2007. Barry Rutenberg, chairman of the NAHB, said builders are reporting a pickup in sales and traffic after a pause in April. According to Rutenberg, it’s a sign that the upward trend in confidence that began earlier this year has resumed and that stabilizing prices and excellent affordability are encouraging people to purchase homes. Each of the component indexes measuring current sales, traffic, and expectations for the next six months rose in May after declining in April. More here.

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