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The hot August weather is doing little to dampen home builders’ faith in the housing market: the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) rose two points this month to 60 from a downwardly revised reading of 58 in July.
Two of the three HMI components saw an uptick in August: the component detailing current sales conditions rose two points to 65 and the index tracking sales expectations in the next six months increased one point to 67. However, the component measuring buyer traffic dipped by one point to 44. In tracking the three-month moving averages for regional HMI scores, the NAHB reported that the South registered a two-point increase to 63 and the Northeast rose two points to 41, but the West was unchanged at 69 and the Midwest fell two points to 55.
“Builder confidence remains solid in the aftermath of weak GDP reports that were offset by positive job growth in July,” said NAHB Chief Economist Robert Dietz. “Historically low mortgage rates, increased household formations and a firming labor market will help keep housing on an upward path during the rest of the year.”