By Kristena Hansen | Phoenix Business Journal
Homebuilder confidence soared to a new milestone this month as the shortage of existing homes for sale continues pushing frustrated buyers to the new-home market, according to the National Association of Home Builders/Wells Fargo Housing Market Index released Monday.
Builder confidence nationwide climbed to a reading of 52 on the index in June — the first time it registered above 50 in more than seven years. This essentially means that homebuilders are finally feeling positive about the market because any reading above 50 indicates a belief that current conditions are “good,” while anything below 50 is “poor.”
The 52-point June reading was also an eight-point jump from May — marking the largest one-month gain in almost 13 years.
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