After declining for three months, a gauge of confidence among home builders rose in May, led by views on current sales and prospective buyers, according to the National Association of Home Builders/Wells Fargo housing-market index released Wednesday
The overall builder-confidence index rose to 44 in May from 41 in April
"Builders are noting an increased sense of urgency among potential buyers as a result of thinning inventories of homes for sale, continuing affordable mortgage rates and strengthening local economies," said Rick Judson, a home builder and NAHB chairman
Economists polled by MarketWatch had expected the overall builder-sentiment index to rise to 44 in May from an original April estimate of 42
The sentiment level among builders is up 57% from a year ago
Despite May's gain, the sentiment gauge remains below a key reading of 50, signaling that builders, generally, are somewhat pessimistic about sales trends
The last time the index reached above 50 was in 2006
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