NAHB market survey hits 8-year high
Confidence among builders in the new single-family home market rose three points in the latest National Association of Home Builders/Wells Fargo Housing Market Index.
At 59 on a 100-point scale, this is the fourth straight monthly gain for the index and its highest level in almost eight years, officials said.
"Builders are seeing more motivated buyers walk through their doors than they have in quite some time," said NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. "What's more, firming home prices and thinning inventories of homes for sale are contributing to an increased sense of urgency among those who are in the market."
NAHB chief economist David Crowe agreed, but noted there are some concerns about the market.
"Builder confidence continues to strengthen along with rising demand for a limited supply of new and existing homes in most local markets," Crowe said. "However, this positive momentum is being slowed by the ongoing headwinds of tight credit and low supplies of finished lots and labor."
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