Builder confidence in the market for newly built, single-family homes rose two points to 15 in July on the National Association of Home Builders/Wells Fargo Housing Market Index.
The gain offsets much of June's three-point dip, 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 statement.
The seasonally adjusted index is designed so that any number over 50 is considered "good" -- which hasn't been the case since April 2006.
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