The National Association of Home Builders/Wells Fargo Housing Market Index, which gauges monthly builder sentiment, fell one point to 67 in July, still two points above its year-ago level. The NAHB/Wells Fargo HMI is derived from a monthly survey of builders that NAHB has been conducting for nearly 20 years. Home builders are asked to rate current sales of single-family homes as "good," "fair" or "poor." They are also asked to rate traffic of prospective buyers as "high to very high," "average" or "low to very low." Scores for responses to each component are used to calculate a seasonally adjusted index, where any number over 50 indicates that more builders view sales conditions as good than poor. "Home sales continue to run hot this summer, and most builders don't see a slowdown on the horizon," said NAHB President Bobby Rayburn, a home and apartment builder from Jackson, Miss. The only significant decline registered in the HMI this time around was in the component index gauging ...
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