Builders Confidence Hits 7-Year High
Posted by Breckenridge Associates Real Estate on
There are continuing signs that the housing market is on an upward trend towards recovery. In June, builder confidence for new construction of single-family homes hit a milestone. It surged 8 points on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), to 52 points. Readings that are over 50 points, indicates that builders view sales conditions as good versus poor.
Builders’ perceptions on the current single-family home sales for the next six months are marked as “good”, “fair” or “poor.” Builders are also asked to rate the traffic of prospective buyers from “high to very high,” “average” or “low to very low.” With these different components, the scores are then used to calculate the index. Any number over 50 indicates that…
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