Homebuilder confidence is at a 9-year high

The latest housing market index from the National Association of Homebuilders came in at 61, matching expectations.

Economists had estimated that the index ticked up to 61 from 60 in July. The index remains at the highest level since November 2005, and has registered above 60 for three straight months.

The index is based on a survey of NAHB members to gauge their assessment of the single-family housing market.

The component measuring buyer traffic rose to 45 from 43, and the one that gauges current sales conditions rose to 66 from 65.

In the report, NAHB chief economist David Crowe said, “Today’s report is consistent with our forecast for a gradual strengthening of the single-family housing sector in 2015. Job and economic gains should keep the market moving forward at a modest pace throughout the rest of the year.”

More to come …

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