Homebuilder confidence hits highest level in 9 years

Homebuilder confidence hits highest level in 9 years

Builder Sentiment
A crane lifts a load of drywall as construction is under way at a housing development in Zelienople, Pa. (The Associated Press)

The Associated PressBy The Associated Press
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on September 17, 2014 at 7:50 AM, updated September 17, 2014 at 7:51 AM

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U.S. homebuilders’ confidence in the market for new, single-family homes surged this month to the highest level in nearly nine years.

The brighter outlook reflects growing optimism that sales will rise over the next six months, spurring growth in home construction.

The National Association of Home Builders/Wells Fargo builder sentiment index rose this month to 59, up four points from August. The index has risen four months in a row.

The latest reading is the highest since reaching 61 in November 2005, before the housing bubble burst.

Readings above 50 indicate more builders view sales conditions as good, rather than poor.

Builders’ view of current sales conditions for single-family homes, their outlook for sales over the next six months and traffic by prospective buyers each increased in the latest survey.

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