Home Builder Confidence Jumps to Highest Level in 20 Years
Home builder confidence in the newly built, single-family home market hit the highest level in 20 years. The last time confidence was this high, the family computer was still a desktop, Britney Spears was at the top of her game, and the Y2K conspiracy made its rounds as the new century was about to dawn—yeah, it’s been a while. But builder confidence is back, and builders are ready to roll into the new year.
A stronger economy and a severe housing shortage have the nation’s homebuilders feeling better than they have in two decades.
Builder confidence in the newly built, single-family home market jumped 5 points in December to 76, the highest reading since June 1999, according to the National Association of Home Builders/Wells Fargo Housing Market Index. Anything above 50 is considered positive.
November’s reading was also revised higher by 1 point. The index stood at 56 last December. At the worst of the housing crash, in 2009, builder sentiment hit a low of just 8.
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