The National Association of Home Builders (NAHB) reports that their membership is gaining confidence in the single family housing market. In the report released today (2/15/12), the Housing Market Index (HMI) from NAHB/Wells Fargo rose from 25 to 29 from January to February. This is the fifth consecutive month the index has risen and is now at the highest level since 2007.
Chief NAHB Economist David Crowe believes the numbers are encouraging, but points out that the HMI number is still low. The index gauges builder perceptions about how single-family home sales will fare in the upcoming 6 month period. Any number about 50 indicates that builders view conditions as “good” and with numbers below 50 viewing the outlook as “poor.”
NAHB Chairman Barry Rutenberg, a home builder from Gainesville, FL, stated “Given the recent improvements in new home starts and the increasing number of markets included, this consistency suggests that the housing market is moving toward more sustainable growth.”
To read more go to: NAHB News – Builder Confidence Increases for Fifth Consecutive Month in February