Builder confidence in August was at 60, two points higher than the 58 reported in July, according to the National Association of Home Builders Housing Market Index.
Two of the components used to determine the HMI posted gains in August. Current sales conditions rose two points to 65 and sales expectations increased one point to 67. The component measuring buyer traffic fell one point to 44.
"Builder confidence remains solid in the aftermath of weak GDP reports that were offset by positive job growth in July," said NAHB Chief Economist Robert Dietz in a statement. "Historically low mortgage rates, increased household formations and a firming labor market will help keep housing on an upward path during the rest of the year."
Regionally, the South reported a two-point increase to 63, the Northeast gained two points to 41 and the West remained the same at 69. The Midwest fell two points to 55.
