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U.S. home builder confidence improves in May

Staff Writer |
A private gauge of U.S. home builder sentiment unexpectedly rose in May to its second strongest level since the housing bust nearly a decade ago, as the existing supply of homes remained tight.

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The National Association of Home Builders and Wells Fargo said on Monday their index of builder confidence in newly built, single-family homes climbed to 70 points from 68 in April.

In March, the index reached 71 which was the highest since June 2005 during the height of the prior housing boom.

“This report shows that builders’ optimism in the housing market is solidifying, even as they deal with higher building material costs and shortages of lots and labor,” NAHB Chairman Granger MacDonald, said in a statement.

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