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Builder confidence increased by its fastest rate in nearly a decade, improving to levels not seen since March of 2007, new data from the National Association of Home Builders shows.
The key housing market index jumped six points in July, increasing to 35. That topped expectations for a July print of 30.
“Builder confidence increased by solid margins in every region of the country in July as views of current sales conditions, prospects for future sales and traffic of prospective buyers all improved,” Chairman of the NAHB Barry Rutenberg said.
Every index component improved during the month, with sub-indices gauging current sales conditions and traffic up six points each, to 37 and 29, respectively. Sales expectations for the next six months surged 11 points to 44.
Regionally, the West logged the greatest gains, improving 12 points to 44. Measurements of the housing market in the Northeast jumped eight points to 36, while the Midwest gained three points to 34.
Minutes away from the final data point of the day: the National Association of Home Builders July housing market index.
Economists polled by Bloomberg forecast the key index improved one point to 30.
The announcement is scheduled for 10:00 a.m.