According to the Housing Market Index, based on a survey of National Association of Home Builders' members, builder confidence in the market for newly constructed single-family homes jumped three points in Octoberto 64 continuing a five-month trend of strong sales.
This level of confidence has not been seen in 10 years sincethe end of the housing boom in late 2005.
"This upward momentum shows that our industry is strengthening at a gradual but consistent pace, said NAHB Chief Economist David Crowe. With firm job creation, economic growth and the release of pent-up demand, we expect housing to keep moving forward as we start to close out 2015.
The fact that builder confidence has held in the 60s since June is proof that the single-family housing market is making lasting gains as more serious buyers come forward, said NAHB Chairman Tom Woods.
Confidence rose in three of four regions, with builders in the West signaling the best improvement in sentiment as confidence rose to 76 from 65. In the Midwest, confidence weakened to 59 from 61.
Source: Boston Business Journal