Home builder confidence rose to a 19-month high in December, though the gauge still remains in weak territory, according to an index released Monday.
The National Association of Home Builders/Wells Fargo housing market index rose to 21 in December from 19 in November, marking the third monthly rise in a row.
Economists polled by MarketWatch had anticipated a 20 reading.
The index for November was downwardly revised from 20.
The seasonally adjusted index, which correlates closely with single-family housing starts, is designed so that readings over 50 are considered "good," which hasn't been the case since April 2006.
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