Builder confidence in the market for newly built, single-family homes in July hit a level of 60 on the recently released National Association of Home Builders/Wells Fargo Housing Market Index (HMI). In addition, the June reading was revised upward one point to 60. The last time the HMI reached this level was reportedly in November 2005.
“The fact that builder confidence has returned to levels not seen since 2005 shows that housing continues to improve at a steady pace,” said Tom Woods, NAHB chairman and a home builder from Blue Springs, Mo. “As we head into the second half of 2015, we should expect a continued recovery of the housing market.”