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Housing Market Data Hits Decade-High Levels

US homebuilder confidence continues to mount as the Housing Market Index hit a decade-high 61 points yesterday, well above 50—the threshold indicating positive conditions. “The fact the builder confidence has been in the low 60s for three straight months shows that single-family housing is making slow but steady progress,” NAHB Chairman Tom Woods says. The numbers saw a dip early in the year, but have been gaining traction since an early summer turnaround. The survey also predicts a rise in single-family sales and the traffic of prospective buyers. The Index is a monthly survey that asks National Association of Home Builders members to rate current market conditions while forecasting six months ahead. Though last year's August had a lower score of 55, the overall Index has been rising steadily over the past 10 years.