Homebuilder sentiment rises to nine-month high

The housing market is still on fire.

Homebuilder sentiment beat expectations in June and rose to a nine-month high.

The housing market index from the National Association of Homebuilders came in at 59.

Economists had forecast that the index rose to 56 from 54 in May, according to Bloomberg.

Traffic by prospective buyers improved to 44, the highest level since January.

Present single-family sales, and sales expected in the next six months also jumped to the highest levels in at least a year.

In their weekly preview of the economy ahead of the release, Barclays economists wrote, “Traffic by prospective buyers declined slightly [in May], but this was payback after a strong jump during the previous month.

Both measures indicate solid homebuilder confidence, though a softer composite index compared with its recent high of 58 points at the end of 2014.”

More to come…

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