PORTLAND, OR , Nov. 20, 2012 (RISI) -
Builder confidence in the market for newly built, single-family homes gained five points to a November level of 46 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). It is the seventh consecutive monthly gain and brings it to its highest point since May of 2006. Last year at this time, the index stood at 19. Any number over 50 indicates that more builders view sales conditions as good than poor.
"Builders are reporting increasing demand for new homes as inventories of foreclosed and distressed properties begin to shrink in markets across the country," said NAHB Chairman Barry Rutenberg, a home builder from Gainesville, Fla.
Wood News Service subscribers - click here to read the full article.
Not a subscriber?