Homebuilders’ sentiment about the market for new single-family homes surged eight points to a 52 reading in June -- the biggest jump since 2002 -- according to the National Association of Home Builders/Wells Fargo Housing Market Index released yesterday. The gain reflected improvement in all three index components -- current sales conditions, sales expectations and traffic of prospective buyers.
“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 NAHB chairman Rick Judson. “With the low inventory of existing homes, an increasing number of buyers are gravitating toward new homes.”
--ABA Daily Newsbytes
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