U.S. Homebuilder Sentiment Rises to Seven-Month High in May

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U.S. Homebuilder Sentiment Rises to Seven-Month High in MayThe National Association of Home Builders/Wells Fargo Housing Market Index rose to 66, the highest level since October as all three main measures increased, according to a report Wednesday. The sentiment gauge fell to a three-year low in December but has moved steadily higher since then, amid a decline in mortgage rates.At the same time, other recent data have suggested the housing market is yet to fully stabilize. Existing home sales, which make up about 90% of the market, fell in March for the fourth time in five months, while new-home construction decelerated to the slowest pace since May 2017.Sales picked up in the Northeast, South and West, and were unchanged in the Midwest.A gauge of present sales rose to 72 in May from 69 the previous month while future sales picked up to 72 from 71 and buyer traffic came in at 49, up from 47.

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