WASHINGTON, Feb. 15 (UPI) -- Builder confidence in the U.S. market for newly built, single-family homes rose slightly in February, a national housing market index indicated.
The National Association of Home Builders/Wells Fargo Housing Market Index gained for the fifth consecutive month, adding 2 points to reach 29, the trade group said.
The break-even point on the index is 50 points. Above 50 indicates more builders in the survey indicated they viewed business conditions as more favorable than unfavorable.
Although the index is low by historic standard, "builder confidence has doubled since September as measured by the HMI," said NAHB Chairman Barry Rutenberg.
"This consistency suggests that the housing market is moving toward more sustainable growth," he said.
