Home Builder Confidence Rises
Home Builder Confidence Rises to Highest in a Year
By: CNBC.com with wires
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Home builder confidence rose in August to its highest level in more than a year, according to the latest reading of the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).
The Washington-based trade association said Monday the index rose one point to 18, a level not seen since June 2008.
The reading for current sales conditions was unchanged at 16, while traffic by prospective buyers rose three points to 16. The index for expected sales over the next six months jumped four points to 30, signaling that builders think the worst of the housing slump is over.
The report reflects a survey of 474 residential developers nationwide.
Home builder expectations have been buoyed by the success of the first-time home buyer tax credit and its anticipated boost to buying activity leading up to the Nov. 30 expiration date," NAHB Chairman Joe Robson, a home builder from Tulsa, Okla., said in a press release.