Builder Confidence Increased in June

The National Association of Home Builders/Wells Fargo Housing Market index rose 2 points to 60 points in June, after remaining unchanged over the previous four months.

“Rising home sales, an improving economy and the fact that the HMI gauge measuring future sales expectations is running at an eight month high are all positive factors indicating that the housing market should continue to move forward in the second half of 2016,” said NAHB Chief Economist Robert Dietz.

Index components posted gains in June. The index measuring sales conditions rose 1 point to 64, the index measuring buyer traffic rose 3 points to 47 and the index measuring sales expectations in the next six months rose 5 points to 70.

The three month moving averages for regional HMI scores varied. The Northeast fell 2 points to 39, the Midwest fell 1 point to 57, while the West rose 1 point to 68 and the South rose 2 points to 61.

Read the NAHB release.