Builder confidence rises five points to highest level since Oct. 2008 Builder confidence in the market for newly built, single-family homes rose five points in April to the highest level since October 2008, according to the most recent National Association of Home Builders/Wells Fargo Housing Market Index (HMI) report. It was the largest one-month increase recorded since May of 2003, and brings the HMI to 14, out of single-digit territory for the first time in six months. Every component of the HMI reflected the boost, with the biggest gain recorded for sales expectations in the next six months, according to the report.
“This is a very encouraging sign that we are at or near the bottom of the current housing depression,” said NAHB Chief Economist David Crowe. “With the prime home buying season now underway, builders report that more buyers are responding to the pull of much-improved affordability measures, including low home prices, extremely favorable mortgage rates, and the introduction of the $8,000 first-time home buyer tax credit.”
Each of the HMI’s component indexes recorded substantial gains in April, with a 10-point increase in the component gauging builder sales expectations for the next six months, bringing that index to 25. The component gauging current sales conditions and the component gauging traffic of prospective buyers each rose five points, to 13 and 14, respectively, according to the report.
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