Homebuilder confidence in the single-family homes segment jumped for the fifth consecutive month in February, reaching a four-year high, an industry trade group said Wednesday.
The National Association of Home Builders/Wells Fargo housing market index, which measures homebuilders general view of the market, rose to a score of 29.
While that score is up from 25 the previous month, it is still far below 50, which generally indicates more builders view market conditions as good rather than poor.
"Builder confidence has doubled since September," NAHB Chairman Barry Rutenberg said. "Given the recent improvements in new home starts and the increasing number of markets included in the NAHB/First American Improving Markets Index, this consistency suggests that the housing market is moving toward more sustainable growth."
Rutenberg asserted that all housing-market dynamics are local and he advised policymakers to steer clear of solutions that could impede quality lending and growth.