US homebuilder sentiment climbs higher in May
U.S. homebuilders are feeling more optimistic about their business prospects, reflecting a recent surge in sales of newly built homes and a lingering shortage of previously occupied homes on the market.
The National Association of Home Builders/Wells Fargo builder sentiment index released Monday rose to 70 this month. That’s up two points from 68 in April.
Readings above 50 indicate more builders view sales conditions as good rather than poor. The index has been above 60 since September. It hit 71 in March, the highest level since June 2005 during the height of the last housing boom.
The May index exceeded analyst predictions, which called for the reading to hold steady from last month, according to FactSet.