The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) ratcheted up another point this month continuing a steady rise in builder confidence in the new home market. The composite HMI rose to 62, its highest reading since October 2005.
“The HMI shows that single-family housing is making solid progress, said NAHB Chairman Tom Woods. “However, our members continue to tell us that they are concerned about the availability of lots and labor.”
NAHB Chief Economist David Crowe. “NAHB is projecting about 1.1 million total housing starts this year. Today’s report is consistent with our forecast, and barring any unexpected jolts, we expect housing to keep moving forward at a steady, modest rate through the end of the year.”