U.S. Builder Confidence Rises
The component gauging expectations in the next six months was 1 point higher at 72, and the metric charting buyer traffic grew 2 points to 49. All major HMI components were higher in May. The current sales conditions index increased 3 points to 72. U.S. builder confidence in the market for new homes in May rose 3 points to 66 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).
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