June 18, 2013: Housing Market Index Surges in June
HMI Rises Above 50 for First Time Since April 2006
WASHINGTON — The National Association of Home Builders (NAHB) announced the release of the latest NAHB/Wells Fargo Housing Market Index (HMI), which indicates builder confidence in the market for new single-family homes, noting that the index hit a significant milestone in June, surging eight points to a reading of 52. Any reading over 50 indicates that more builders view sales conditions as good than poor.
“This is the first time the HMI has been above 50 since April 2006, and surpassing this important benchmark reflects the fact that builders are seeing better market conditions as demand for new homes increases,” said Rick Judson, NAHB chairman. “With the low inventory of existing homes, an increasing number of buyers are gravitating toward new homes.”