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Demand Helping Builder Confidence

Strong demand for new single-family homes is helping to shore up builder confidence as the market heads into the late spring selling season, according to a canvass of home builders conducted by the National Association of Home Builders (NAHB) and Wells Fargo Bank.

The April Housing Market Index slipped three points to a reading of 67, but “remained within the strong 67-71 confidence range that builders have held throughout the past 14 months, the NAHB reported.

“Builders continue to express confidence in the overall housing market and expect sales to remain strong during the next six months,” said NAHB President Dave Wilson.

David Seiders, chief economist of the builders' trade group, commented, “Many builders are reporting higher lot prices and some difficulty in finding available land, both symptoms of strong demand for new homes.”

The component index gauging current single-family sales remained sturdy at a reading of 73, while the index gauging sales expectations for the next six months came in at a level of 76. An index gauging traffic of prospective buyers was softer, at a reading of 50.

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