Home Builders See Markets Strengthening
The National Association of Home Builders reports its Housing Market Index gained four points in September, to reach its highest point since November 2005.
The confidence level moved up four points in September over the previous month to a reading of 59. Any reading above 50 indicates builders have a positive outlook on housing’s future. A reading below 50 indicates deteriorating markets.
“Since early summer, builders in many markets have been reporting that buyer interest and traffic have picked up, which is a positive sign that the housing market is moving in the right direction,” said NAHB Chairman Kevin Kelly.
NAHB Chief Economist David Crowe warned, however, that “while a firming job market is helping to unleash pent-up demand …we are still not seeing much activity from first-time home buyers.” He also cited tight credit standards as a restricting factor.
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