Builder Sentiment up Overall in New Index Readings

The latest data from the National Association of Home Builders/Wells Fargo builder sentiment index rose five points to 74 in December 2017, the highest reading since July of 1999.

All three components of the index rose in December 2017 -- the reading gauging builders' view of single-family home sales increased by four points to 81, the outlook for sales over the next six months went up three points to 79. The Associated Press reports that the measure of traffic by prospective buyers rose eight points to 58.

The Commerce Department reported late last month that Americans bought new homes in October at the fastest pace in a decade - a 6.2 percent monthly increase - reflecting a strong economy but also a worsening shortage of existing homes for sale.

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