Builder confidence rise six points in NAHB/Wells Fargo Housing Market Index

Builder confidence in the market for newly built, single-family homes rose six points to 57 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for July, the index's third consecutive monthly gain and its strongest reading since Jan. 2006.

"Today's report is particularly encouraging in that it shows improvement in builder confidence across every region as well as solid gains in current sales conditions, traffic of prospective buyers and sales expectations for the next six months," said NAHB Chairman Rick Judson, a home builder from Charlotte, N.C.

"Builders are seeing more motivated buyers coming through their doors as the inventory of existing homes for sale continues to tighten," added NAHB Chief Economist David Crowe. "Meanwhile, as the infrastructure that supplies home building returns, some previously skyrocketing building material costs have begun to soften."

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