The housing market may be turning a corner even as builders continue to contend with high construction costs and building material supply chain logjams, according to a new report from the National Association of Home Builders (NAHB).
Its HMI index, produced with Wells Fargo, measures builder confidence in newly built single-family homes in February rose seven points to 42. It marks the second consecutive month of improvement and represents the strongest reading since September.
The rise matches the cautious optimism noted by a large number of builders at the recent International Builders' Show in Las Vegas, who reported a better start to the year than expected last fall, NAHB Chairman Alicia Huey, a custom home builder and developer from Birmingham, Ala., said in prepared remarks.
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