Home-builder confidence hits seven-year high - Economic Report - MarketWatch

Home-builder confidence hits seven-year high - Economic Report - MarketWatch

By Ruth Mantell, MarketWatch

Confidence among home builders jumped in July and is far higher than levels typically associated with current rates of new construction starts for single-family homes.

WASHINGTON (MarketWatch) — A gauge of home-builder confidence in July hit the highest level in more than seven years, according to data released Tuesday that showed the interest-rate spike has yet to dampen industry confidence.

The National Association of Home Builders/Wells Fargo housing-market index rose in July for the third consecutive month, reaching 57 in July — the highest level since January 2006 — from 51 in June. The sentiment gauge is up 63% from a year ago.