Builder Confidence Rises in July

Washington, DC, July 18, 2011 — Builder confidence in the market for newly built, single-family homes rose two points to 15 in July, according to the National Association of Home Builders/Wells Fargo Housing Market Index.

The gain offsets much of June’s three-point decline, but still is the ninth time out of 10 the index has held to the same three-point range.

“We view the upward movement in the July HMI as a correction from an exceptionally weak number in June that was at least partly attributable to negative economic news and the close of a disappointing spring selling season,” said NAHB Chief Economist David Crowe in a press release.

The index is designed so that any number over 50 is considered “good,” which hasn’t been the case since April 2006.