Home-builder confidence strong (> 50)
A gauge of confidence among home builders remained at 60 in July, the strongest reading in almost a decade, according to National Association of Home Builders/Wells Fargo data released today (16th July 2015).
“This month’s reading is in line with recent data showing stronger sales in both the new and existing home markets as well as continued job growth,” said David Crowe, NAHB’s chief economist.
NAHB previously estimated June’s reading at 59.
-) Confidence results > 50 signal that home-construction companies are optimistic about sales trends, and
-) July marks the 13th consecutive month of above-50 readings.
“[The report] does add weight to the increasing pile of evidence suggesting that a real housing upswing is underway,” said Ian Shepherdson, chief economist with Pantheon Macroeconomics.
Confidence among home builders is higher than levels typically seen at recent building rates. Builders that survived the meltdown may feel particularly confident in their ability to navigate the market. Of note, gauges of builders’ views on present and upcoming home sales in July were each at their highest level since late 2005, shortly before the housing bubble burst (...)