Now is the perfect time to build that single-family house plan you’ve had your eye on. The National Association of Home Builders (NAHB) and the Wells Fargo Housing Market Index (HMI) reports a third consecutive monthly gain. During the month of July builder confidence rose six points taking the HMI to 57, the strongest reading since January 2006.
“Builders are seeing more motivated buyers coming through their doors as the inventory of existing homes for sale continues to tighten,” noted NAHB Chief Economist David Crowe in a press release. “Meanwhile, as the infrastructure that supplies home building returns, some previously skyrocketing building material costs have begun to soften.”
The NAHB/Wells Fargo Housing Index gauges builder perceptions of single-family home sales and sales expectations for the next six months as good, fair, or poor. The survey also asks builders to rate traffic of prospective buyers high to very high, average, or low to very low. The scores for each component are then used to calculate a seasonally adjusted index where any number over fifty indicates that more builders view conditions as good rather than poor.
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