Homebuilder Confidence Rises 6 Points for July
The National Association of Home Builders/Wells Fargo Housing Market Index showed builder confidence in the single-family housing market reached its highest level in nearly a decade in July. According to the report, the index increased six points to a reading of 35 during the month, indicating sentiment in the new-home sector is strong.
Builder confidence increased by solid margins in every region of the country in July as views of current sales conditions, prospects for future sales and traffic of prospective buyers all improved.
The rise in confidence, along with record low mortgage rates and favorable home prices, the market for home buying is in great shape and could potentially lead to a recovery.
The index also showed positive signs for future sales, as the component measuring that figure increased 11 points.