Confidence among U.S. homebuilders inched up this month, to the highest level in more than six and a half years, as builders reported the best market for newly built homes since the housing boom.
The National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday increased 2 points to 47 from a revised 45 in November. That’s the highest reading since April 2006, just before the housing bubble burst.
Readings below 50 suggest negative sentiment about the housing market.
The last time the index was at or above that level was in April 2006, with a reading of 51. It has been trending higher since October 2011, when it stood at 17.