Builder confidence rose five points in June to a level of 55 on the National Association of Home Builders/Wells Fargo Housing Market Index. It’s the first time in eleven months that the index has been above 50, an indication that more home builders view the market as “good” than “poor.”
It is also the sixth consecutive month that builder confidence has risen.
“Builders are feeling cautiously optimistic about market conditions given low levels of existing home inventory and ongoing gradual improvements for supply chains,” NAHB Chairman Alicia Huey said in a statement. “However, access for builder and developer loans has become more difficult to obtain over the last year, which will ultimately result in lower lot supplies as the industry tries to expand off cycle lows.”
