US homebuilder sentiment rises in September as sales improve

While not directly applicable to the Mill Street property, an NAHB report past year reported that the construction of a 25-home rental community would generate $3 million in local income; $550,000 in taxes and other revenue for the host municipality and 40 local jobs.

The National Association of Home Builders and Wells Fargo said their index on builder confidence regarding newly built, single-family homes climbed to 65 points in September from a downwardly revised 59 in August. A reading of 50 or higher indicates that more builders view conditions favorably.

She cited a surprise sales surge in the summer as the reason driving these numbers.

With homebuilders seeing more serious buyers amid rising household incomes, the National Association of Home Builders released a report on Monday showing a jump in USA homebuilder confidence in the month of September.

US home builders said they became more optimistic this month about the market for single-family homes, a sign of rising demand for new residential construction that could boost the broader economy.

In August, single-family housing starts tumbled by 6 percent from July down to an annual rate of approximately 722,000.

“With the inventory of new and existing homes remaining tight, builders are confident that if they can build more homes they can sell them”, said Robert Dietz, NAHB’s chief economist.

According to Trulia Chief Economist Ralph McLaughlin, the 12-month rolling total for single-family housing starts-a less volatile measure of new construction-increased by 7.5 percent over-the year in August to almost 1.6 million starts. “That is what you would expect”.

This month’s builder index was based on 334 respondents.

Meanwhile, the component that measures buyer traffic was up four points at 48.

Builder confidence has also risen in three of the four regions.

“As household incomes rise, builders in many markets across the nation are reporting they are seeing more serious buyers, a positive sign that the housing market continues to move forward”, said NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill.