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First Cut: NAHB Housing Market Index nudges up in July, holding on to stronger readings for the early summer

The NAHB/Wells Fargo Housing Market Index rose to 65 in July from 64 in June, extending the string of firmer readings begun with 66 in May. Builders’ optimism has returned even as mortgage interest rates have fallen. Builders still have to content with challenges like finding available land for building and labor to do the work. However, narrow inventories of homes and consumers seeking to take advantage of lower rates are giving homebuilders a boost.

 

The index components point to relatively steady activity in the present and for the future, and a enough buyer traffic to keep expectations higher.

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