Industry News

Builder confidence highest since June ’06

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Buyer demand boosted home builder confidence five points in February to its highest level in eight months, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Based on a monthly survey that measures builder perceptions and expectations for home sales, the index climbed to 40 in February from a reading of 35 in January. An index rating above 50 indicates that more builders view sales conditions as good, while a rating below 50 indicates that more builders view conditions as poor. "Builders are still cautious as they continue to manage their inventory, but their assessments of the demand side of the single-family market are improving," said NAHB President Brian Catalde, a home builder from Playa del Rey, Calif. "Every component of the February HMI -- present home sales, sales expectations for the next six months and buyer traffic -- showed a significant positive uptick in February." Lower energy prices, favorable mortgage rates ...