Confidence at 16-Month High

Washington — Confidence among the nation's home builders remained strong during April, approaching its highest level in the past 16 months, spurred by strong demand for new single-family homes and continued low mortgage rates.

The monthly Housing Market Index compiled by the National Association of Home Builders (NAHB) and Wells Fargo Bank moved up three points to a reading of 70, close to the high side of the 67-71 confidence range that builders have held for more than a year.

“Builders have seen an uptick in traffic and sales brought on by improving economic conditions and mortgage rates that continue to remain at affordable levels,” said Dave Wilson, NAHB president. “They have confidence in the overall housing market and expect sales to stay strong for the next six months.”

The component of the index which gauges sales of single-family homes rose three points to a level of 76, and the component gauging sales expectations for the next six months came in with a reading of 77.

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