The National Association of Home Builders/Wells Fargo Housing Market Index has remained unchanged for six of the past seven months, holding steady in May at 16. The index ranks builder confidence in the market for newly built, single-family homes on a scale where any number below 50 means more builders view market conditions as poor than favorable. David Crowe, NAHB’s chief economist, said the component index measuring traffic of prospective buyers increased by a point for the second time this year as buyers are showing growing interest. Though still low, the index gauging buyer traffic is now at its highest point since May 2010. More here.
