"Builders in many markets are reporting that buyer traffic and sales have picked back up after a pause this April," says Barry Rutenberg, NAHB chairman. "It seems we have resumed the gradual upward trend in confidence that started at the beginning of this year, as stabilizing prices and excellent affordability encourage more people to pursue a new-home purchase."
Builder confidence is at its highest since May of 2007 having risen five points this month. The measurement tracks sales conditions, expectations, and buyer traffic. Still, the market is a long way from normalizing. Major challenges still include: consumer credit, inaccurate appraisals, and rising material costs.