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The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) rose two points in May, the second highest reading since the 2008 downturn.
Two of the three HMI components were up this month: The index charting sales expectations in the next six months jumped four points to 79 and the index gauging current sales conditions increased two points to 76. But the component measuring buyer traffic dipped by one point to 51. The three-month moving averages for HMI scores posted gains in three out of the four regions: the Northeast and South each took three-point gains to hit 49 and 71, respectively, while the West rose one point to 78. The Midwest was unchanged at 68.
“This report shows that builders’ optimism in the housing market is solidifying, even as they deal with higher building material costs and shortages of lots and labor,” said NAHB Chairman Granger MacDonald, a home builder and developer from Kerrville, Texas.
