Builder Confidence Rises in September Sep 17, 2008

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U.S. builder confidence in the market for newly built single-family homes rose for the first time in seven months this September, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI gained two points to 18, rising from its record low of the previous two months.

All three of the HMI's component indexes registered gains in September. The indexes gauging current sales conditions and traffic of prospective buyers were each up a single point, to 17 and 14, respectively. Meanwhile, the index gauging sales expectations for the next six months rose by six points, to 30 - which was four points higher than its year-ago level.

All regions also posted some degree of improvement in the September HMI, with the Midwest, South and West each up two points, to 15, 22 and 12, respectively, and the Northeast posting a six-point gain to 22.

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