Home builder confidence rises

U.S. home builders expressed growing confidence in the housing market this month.

The National Home Builders Association/Wells Fargo Housing Market Index rose four points, to 58, during the past month, according to data released Tuesday by the Washington, D.C.-based trade association.

Low interest rates, job creation and affordable home prices throughout much of the country have combined to create a housing recovery and a stronger housing market, said David Crowe, chief economist with the builders association.

“After a slow start to the year, the housing market index has remained above the 50-point benchmark for five consecutive months, and we expect the momentum to continue into 2015,” Crowe said in a statement.

The index, which the association has been conducting for 30 years, measures the state of single-family home sales and sales expectations for the next six months as being “good,” “fair” or “poor.” It also asks home builders to rate the potential for home builders during the next six months as “high to very high,” “average” or “low to very low.”

All three components of the index were up during this month’s survey, according to the association.