Builders’ confidence in the market for new, single family homes has reached a five year high according to a survey released May 15 by the National Association of Homebuilders (NAHB).
The NAHB/Wells Fargo Housing Market Index registered a 29 which topped industry estimates.
Builder confidence rose across the country according to the survey. Builders in the Northeast registered a 32 which is an increase from 26 the previous month. Midwest builders’ confidence rose to 27 compared to 22 the previous month. Builders’ confidence in the south rose to 28 from 23. However, home builders in the west saw a slight dip in their confidence according to the survey.