MHProNews has learned from reuters that, according to the National Association of Home Builders (NAHB), homebuilder sentiment in August rose to its highest level in almost ten years. In line with economists expectations, the NAHB/Wells Fargo Housing Market Index (HMI) rose from 60 in July to 61 this month. Any reading above 50 indicates homebuilders have high expectations as opposed to low expectations; the reading has not been below 50 since June 2014.

“Today’s report is consistent with our forecast for a gradual strengthening of the single-family housing sector in 2015. Job and economic gains should keep the market moving forward at a modest pace throughout the rest of the year.” NAHB Chief Economist David Crowe said in a statement.

Marking its highest level since November 2005, the single-family home sales component rose from 65 to 66, while expectations for the next six months was steady at 70. Prospective buyer traffic rose from 43 to 45, the highest level since Dec. 2014. ##

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Article submitted by Matthew J. Silver to Daily Business News-MHProNews.