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Builder Confidence Hits 7-Month High

Wednesday, August 20, 2014

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U.S. home builders are building not only homes, but also confidence, as residential construction continues its comeback, according to a new report.

Builder confidence in new single-family homes increased by two points in August, its third straight monthly increase and its highest level since January, the National Association of Home Builders/Wells Fargo Housing Index reported.

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Home builder confidence for single-family homes has hit its highest level since January, according to an NAHB report.

The latest reading is the highest since January, when it was 56. Readings above 50 indicate more builders view sales conditions as good, rather than poor.

“As the employment picture brightens, builders are seeing a noticeable increase in the number of serious buyers entering the market,” NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, DE., said in the announcement.

“However, builders still face a number of challenges, including tight credit conditions for borrowers and shortages of finished lots and labor.”

About the Index

The NAHB has been conducting the monthly survey for 30 years. The index gauges builder perceptions of single-family home sales and expectations for the next six months as good, fair or poor.

The survey also asks if prospective buyer traffic will be “high to very high,” “average,” or “low to very low.”

In August, current sales conditions and future expectations each rose two points to 58 and 65, respectively. The index gauging traffic of prospective buyers increased three points to 42.

According to NAHB, every U.S. region saw a gain in its three-month moving average HMI score in August. The Midwest increased seven points to 55 and the West gained a four-points to hit 56. The Northeast posted a two-point gain to 38, and the South was up one point to 52.

   

Tagged categories: Good Technical Practice; Home builders; Market trends; National Association of Home Builders (NAHB); Residential Construction; Residential contractors

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