Builder Confidence Holds Firm in July

Builder confidence in the market for newly built, single-family homes in July fell one point to 59 from a June reading of 60 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).

For the past six months, builder confidence has remained in a relatively narrow positive range that is consistent with the ongoing gradual housing recovery. However, home building growth is being held back in some markets due to tight conditions for lots and labor, as well as rising regulatory costs.