Home builders gained more confidence in the housing market in August, the third consecutive month of gains in an index measuring current sales and expectations for the future.
The National Association of Home Builders/Wells Fargo Housing Market Indexrose 2 points to 55, its highest level since January. Any number over 50 indicates most builders view conditions as good. The Northeast was the only region where the number was below 50.
Give the improved jobs market some credit for the gains.
“As the employment picture brightens, builders are seeing a noticeable increase in the number of serious buyers entering the market,” said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del.
Low mortgage rates and affordable home prices also are helping the housing market, said NAHB Chief Economist David Crowe.
‘Builder confidence appears to be firming following an uneven spring,” he said