Home builder gauge in September matched highest level since 2005

construction1The increase in the National Association of Home Builders index is a sign of rising demand for newly built homes

By Ben Leubsdorf and Jeffrey Sparshott | The Wall Street Journal

Confidence among U.S. home builders about the market for single-family homes rose this month to match its highest level in 11 years, suggesting rising demand for new residential construction that could boost the broader economy.

The National Association of Home Builders housing-market index increased six points from the prior month to a seasonally adjusted 65 in September, the trade group said Monday. The August reading was revised down to 59 from a previously reported 60. A number over 50 indicates more builders view conditions as good than poor.

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