Builder confidence continued to improve in August, rising two points to its highest level in more than five years accord to the National Association of Home Builders – NAHB.
The NAHB-Wells Fargo Housing Market Index rose to a reading of 37 in August, a two point improvement over July. August marks the fourth consecutive month of an improvement in the NAHB-Wells Fargo Housing Market Index. In August of 2011 the Index stood at a meek 15.
The survey is based on responses to three questions, which are then utilized to calculate a seasonally adjusted index. There is still room for improvement as a rating of 50 is required for a level of “good” confidence in sales.
The Midwest region made the largest jump, gaining a total of 9 points rising to the 42 mark. Ratings improvements in other regions were mixed.
