US homebuilder confidence vaults to highest level this year, sales expectations surge

Economic Indicators Associated Press

U.S. homebuilders' are feeling more confident about their sales prospects than they have been since last fall, while their outlook for sales over the next six months is at the highest level in 10 years.

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The National Association of Home Builders/Wells Fargo builder sentiment index released Monday climbed to 59 this month, up five points from 54 in May.

Readings above 50 indicate more builders view sales conditions as good, rather than poor. The latest reading is up 10 points from a year ago and at the highest level since September.

Measures of current sales conditions and traffic by prospective buyers also surged. Builders' outlook for sales of single-family homes over the next six months also rose sharply.