Builder Index makes First Move in Five Months

Posted To: MND NewsWire

There was a flicker of life this month in the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). After spending four consecutive months stuck at a reading of 58, the index gained two points to reach its highest reading since January. The index, a measure of home builder's confidence in the market for newly constructed homes, reached a multi-year high of 65 in October 2015 but then declined steadily before stabilizing at 58. Analysts surveyed by Econoday had expected an uptick to 59 this month. The index is derived from a survey NAHB conducts among its new home builder members in which it asks them to express their perceptions of current single-family home sales and their expectations of sales over the next six months as "good," "fair," or "poor." The survey...(read more)

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