Homebuilder Sentiment Rebounds After Year-Long Slump.

Builder confidence in the US housing market has risen for the first time in 11 months, according to the National Association of Home Builders (NAHB). The Wells Fargo housing market index reading rose to 55 from 50, marking the sixth consecutive month that sentiment improved and the first time it surpassed the midpoint of 50 since July last year. The uptick in home builder sentiment reflects growing foot traffic from homebuyers, light competition from resale, and a better supply chain. However, access to builder and developer loans has become more difficult to obtain over the last year, which will ultimately result in lower lot supplies as the industry tries to expand off-cycle lows.