Builders’ confidence in the market for new single-family homes declined as the National Association of Home Builders’ housing market index surged to 29 in April from 25 in April.
Thomson Reuters’ poll of economists predicted the index would be 26.
All three component indexes increased in May. The current single-family home sales index jumped to 30 from 25, and the sales expectations index for the next six months grew to 34 from 31. The traffic of prospective buyers index increased to 23 from 18, its highest level since April 2007.