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Builder confidence hits highest reading since January 2006

By Berit Griffin July 19, 2013

If you’re a builder, you would probably describe the glass seen above as half full.

According to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for July, builder confidence in the market for newly built, single-family homes had its strongest reading since January of 2006. The index rose six points to 57, indicating more builders view conditions as good than poor.

Why the optimism?

“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. “Meanwhile, as the infrastructure that supplies home building returns, some previously skyrocketing building material costs have begun to soften.”

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