WASHINGTON - Single-family home builder confidence gained one poiint in June, registering its highest level since May 2007, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).
The NAHB/Wells Fargo Index registered 29, still well below the 50 number indicating that more builders view conditions as good than poor.
“This month’s modest uptick in builder confidence comes on the heels of a four-point gain in May and is reflective of the continued, gradual improvement we are seeing in many individual housing markets as more buyers decide to take advantage of today’s low prices and interest rates,” said Barry Rutenberg, chairman of the NAHB and a home builder from Gainesville, FL.
Regionally, the HMI results were mixed in June, with two areas of the country posting gains and two posting declines. The Midwest registered a five-point gain to 31 and the West registered a four-point gain to 33, while the Northeast and South each posted two-point declines, to 29 and 26, respectively.