U.S. builder confidence in the market for newly built, single-family homes edged higher for a third consecutive month in September, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI rose one point to 19 this month, its highest level since May of 2008.
Two out of three of the HMI's component indexes recorded gains in September. The index gauging current sales conditions rose two points to 18, while the index gauging traffic of prospective buyers rose one point, to 17. Meanwhile, the index gauging sales expectations for the next six months declined one point, to 29.
All four regions posted gains in their HMI readings for September. The biggest improvement was registered in the Midwest, where a three-point gain brought its HMI to 19, the highest level since July of 2007. The Northeast posted a two-point gain to 24, the South posted a two-point gain to 19, and the West posted a one-point gain to 18, respectively.
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