A monthly builder confidence index produced by the National Association of Home Builders and Wells Fargo rose two points this month from a record low in August and July.
The Housing Market Index reached 18 — a score of 50 indicates a balance in "good" and "poor" ratings by builders, while scores below 50 indicate more builders view current conditions and the future outlook as "poor" than "good."
All three components of the index rose in September compared to August — the index component gauging current sales conditions rose one point to 17, and the index component gauging traffic of prospective buyers rose one point to 14. The index component that gauges builders’ sales expectations for the next six months rose six points to 30 compared to August 2008 and was up four points from September 2007.
Regionally, the overall index score rose six points in the Northeast and two points in the Midwest, South and West.
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