Builder Confidence Edges Up
Hitting its highest reading since January, builder confidence in the market for newly constructed single-family homes rose two points in June. This puts the level at 60 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).
“Builders in many markets across the nation are reporting higher traffic and more committed buyers at their job sites,” said NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill. “However, our members are also relating ongoing concerns regarding the shortage of buildable lots and labor and noting pockets of softness in scattered markets.” Find the complete news release here.
The increase in home sales and builder confidence are "positive factors indicating that the housing market should continue to move forward in the second half of 2016,” said NAHB Chief Economist Robert Dietz.
The survey asks builders for the perception of current single-family home sales, sales expectations for the coming six months and to rate prospective-buyer traffic. All three of these components posted gains in June. Current sales conditions rose one point to 64, sales expectations increased five points to 70, and the component measuring buyer traffic climbed three points to 47.
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