U.S. Builder Confidence Rebounds
U.S. builder confidence for new single-family homes in June soared 21 points from May to 58 points on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI component gauging current sales conditions climbed 21 points to 63, while the measurement of sales expectations in the next six months gained 22 points from April to 68. The component measuring prospective buyer traffic was also up 22 points from April to 43.
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