Housing Market Index Finds Builders Remain Upbeat in July
Single-family home builders remain largely upbeat about conditions in the new-homes market, according to the monthly NAHB/Wells Fargo Housing Market Index (HMI), which edged down a single point for July but at 67 was still a full two points above its level of a year earlier.
“Home sales continue to run hot this summer, and most builders don’t see a slowdown on the horizon,” said NAHB President Bobby Rayburn.
“Long-term mortgage rates subsided back to around 6% during the HMI survey period, and this likely contributed to builders’ optimism,” explained NAHB Chief Economist David Seiders. “Beyond that, the continuing robust rate of home-price appreciation, high level of new household formations and perceptions of an improving economy are also helping drive the market.”