WASHINGTON - Builder confidence in the market for newly built, single-family moved up three points to a 44 reading on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for May. Up from a 41 reading in April, there was improvement in all three index components - current sales conditions,  sales expectations and traffic of prospective buyers.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

"Builders are noting an increased sense of urgency among potential buyers as a result of thinning inventories of homes for sale, continuing affordable mortgage rates and strengthening local economies," noted National Association of Home Builders (NAHB) Chairman Rick Judson" This is definitely an encouraging sign even amidst rising challenges with regard to the cost and availability of building materials, lots and labor."