Builder confidence in the market for newly built single-family homes jumped five points this month; its mark of 46 on the al Association of Home Builders/Wells Fargo Housing Market Index (HMI) was the seventh consecutive monthly gain and the highest level posted since May 2006.
"While our confidence gauge has yet to breach the 50 mark-at which point an equal number of builders view sales conditions as good versus poor-we have certainly made substantial progress since this time last year, when the HMI stood at 19," observed NAHB Chief Economist David Crowe in a release.
Two out of three of the HMI's component indexes posted gains in November. Current sales conditions had an eight-point gain to 49-its highest mark in more than six years. The component measuring sales expectations for the next six months held above 50 for a third consecutive month with a two-point gain to 53. The component measuring traffic of prospective buyers was unchanged at 35 following a five-point gain in the previous month.
Specifics on the HMI data can be found here.
