RTTNews - With homebuilders seeing an improvement in current sales conditions, the National Association of Home Builders released a report on Thursday showing an increase in homebuilder confidence in the month of July.
The report showed that the National Association of Home Builders/Wells Fargo Housing Market Index rose to 17 in July from 15 in June. With the increase, the index rose to its highest level since September of 2008.
NAHB Chairman Joe Robson said, Builders are seeing slightly better sales conditions this month as consumers take advantage of the first-time buyer tax credit, low interest rates and attractive home prices, but many remain quite concerned about the road that lies ahead.
The NAHB said that the index gauging current sales conditions rose to 17 in July from 14 in June, while the index gauging traffic of prospective buyers rose to 14 from 13.
At the same, the report showed that the index gauging sales expectations for the next six months remained flat at 26.
NAHB Chief Economist David Crowe noted, Builders recognize the recovery is going to be a slow one and that we are facing a number of substantial negative forces.
On a regional basis, the housing market index for the South rose to 20 in July from 15, while the index for the Northeast fell to 16 from 19. The indexes for the Midwest and the West were unchanged at 14 and 15, respectively.
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