“While home building still has quite a way to go toward a fully healthy market, the fact that the HMI has returned to trend is an excellent sign that firming home values, improving employment and low mortgage rates are drawing consumers back,” added NAHB Chief Economist David Crowe.
The sentiment reading, though the best since May 2007, is still well short of the 50 level that indicates that more builders view conditions as good than poor, MarketWatch reported.
XHB, the builder ETF, has survived several tests of its 50-day simple moving average since late 2011.
SPDR S&P Homebuilders ETF
