Home Builder Confidence Reaches Highest Level In Nearly 10 Years

By MarketWatch Pulse

Home-builder confidence rose in August to the highest level in nearly a decade, a trade group said Monday. The National Association of Home Builders/Wells Fargo housing market index rose 1 point to 61, marking the highest level since Nov. 2005. Economists polled by MarketWatch expected a reading of 59. Any reading above 50 indicates "good" conditions. "Today's report is consistent with our forecast for a gradual strengthening of the single-family housing sector in 2015," said NAHB Chief Economist David Crowe. The index measuring buyer traffic increased two points to 45 and the component gauging current sales conditions rose one point to 66. The index for sales expectations in the next six months held steady at 70.

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