U.S. Builder Confidence Rises in May
U.S. builder confidence for new single-family homes rose 2 points to 70 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).
The HMI component gauging current sales conditions rose 2 points to 76, and the sales expectations in the next six months index also increased 4 points to 79. The component measuring buyer traffic fell 1 point down to 51.
Derived from a monthly NAHB survey, the HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months. Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good rather than poor. See NAHB