Home builders’ confidence in the single-family, new-home market was up again in August, the fourth consecutive month of improvement, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. The HMI was up two points to a reading of 37 for the month, the highest level seen since February 2007.
Each of the index’s three components saw improvement, with three-point gains in the components gauging current sales conditions and prospective-buyer traffic, for readings of 39 and 31, respectively. The component measuring sales expectations for the coming six months was up one point to a reading of 44.
Regionally, results were mixed. The Midwest saw a nine-point gain to 42, and the South rose two points to 35. The remaining two regions declined, however, with a nine-point drop to 25 in the Northeast and a three-point decline to 40 in the West.
Claire Easley is a senior editor at Builder.