U.S. home builders said they are becoming more optimistic about the market for single-family homes, boosting hopes that a recent rise in home buying could lead to more construction.
The housing market has picked up this year. Sales of previously owned homes, the bulk of the market, rose to their highest level in more than nine years in July, according to the National Association of Realtors.
“Builder confidence remains solid in the aftermath of weak GDP reports that were offset by positive job growth in July,” the NAHB’s chief economist, Robert Dietz, said in a statement. “Historically low mortgage rates, increased household formations and a firming labor market will help keep housing on an upward path during the rest of the year.”
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