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Builder confidence soars in July

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Confidence is in the air according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The July score of 53 indicated that more builders view sales conditions for newly built single-family homes as as good rather than poor.

July marks the first time since January 2013 the score has been above 50.

“An improving job market goes hand-in-hand with a rise in builder confidence,” said NAHB Chief Economist David Crowe. “As employment increases and those with jobs feel more secure about their own economic situation, they are more likely to feel comfortable about buying a home.”

According to the NAHB, all three HMI components posted gains in July. The index gauging current sales conditions increased four points to 57, while the index measuring expectations for future sales rose six points to 64 and the index gauging traffic of prospective buyers increased three points to 39.

The HMI three-month moving average was up in all four regions, with the Northeast and Midwest posting a one-point and two-point gain to 35 and 48, respectively. The West registered a five-point gain to 52 while the South rose two points to 51.

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