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U.S. Housing Market Index Jumps To Five-Year High In May

Homebuilder confidence in the U.S. has seen a significant improvement in the month of May, the National Association of Home Builders revealed in a report on Tuesday, with the index of homebuilder confidence reaching a five-year high.

The report showed that the NAHB/Wells Fargo Housing Market Index jumped to 29 in May from a downwardly revised 24 in April. Economists had expected the index to edge up to 26 from the 25 originally reported for the previous month.

With the much bigger than expected increase, the index rose to its highest level since coming in at 30 in May of 2007.

by RTTNews Staff Writer

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