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U.S. builder confidence hits almost 10-year high

Xinhua, July 17, 2015 Adjust font size:

U.S. builder confidence for newly-built, single-family homes rose to an almost 10-year high in July as the recovery of housing market continues, a leading industry report said Thursday.

The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) hit a level of 60 in July and the June reading was revised upward one point to 60 as well. The last time the HMI reached this level was in November 2005.

"The fact that builder confidence has returned to levels not seen since 2005 shows that housing continues to improve at a steady pace," said NAHB Chairman Tom Woods. "As we head into the second half of 2015, we should expect a continued recovery of the housing market."

Two of the three HMI components increased in July. The component gauging current sales conditions rose one point to 66, the component gauging sales expectations in the next six months added two points to 71, while the component measuring buyer traffic dropped a single point to 43.

"This months' reading is in line with recent data showing stronger sales in both the new and existing home markets as well as continued job growth," said NAHB chief economist David Crowe. " However, builders still face a number of challengers, including shortages of lots and labor." Endite