WASHINGTON (MarketWatch)Led by sales expectations, a gauge of confidence among home builders rose in July for a third month, hitting the highest level in more than seven years, according to the National Association of Home Builders/Wells Fargo housing-market index released Tuesday
The builder-confidence index rose to 57 in July -- the highest level since January 2006 -- from 51 in June. June's result was the first above a key reading of 50 since 2006
Readings above 50 signal that builders, generally, are optimistic about sales trends
"Builders are seeing more motivated buyers coming through their doors as the inventory of existing homes for sale continues to tighten," said David Crowe, NAHB's chief economist. Economists polled by MarketWatch had expected July's reading to remain at an original estimate of 52 for June
The sentiment gauge is up 63% from a year ago
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WASHINGTON (MarketWatch) -- Construction on new U.S. homes fell 9.9% in June to a seasonally adjusted annual rate of 836,000, reaching the lowest level since August 2012, led down by a large drop for apartments, the U.S. Department of Commerce estimated Wednesday. Economists polled by MarketWatch had forecast housing starts in June to hit an annual rate of 950,000, compared with an originally estimated May starts rate of 914,000. On Wednesday the government revised May's starts rate to 928,000. In June, starts for buildings with at least five units fell 26.7%, while starts for single-family homes declined 0.8%. Starts in June were up 10.4% from the same period in the prior year, pointing to ongoing recovery, though there's concern about the impact of rising mortgage rates on the housing market's rebound. Also Wednesday, the government reported that building permits, a sign of future demand, fell 7.5% in June to an annual rate of 911,000. Permits for buildings with at least five units fell 22.8%. Meanwhile, permits for single-family homes nudged up 0.6% to an annual rate of 624,000, the highest rate since May 2008.
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