HMI Jumps to 72 in July
The housing market makes positive progress as a poll by NAHB reveals that builder confidence has increased significantly. The NAHB/Wells Fargo Housing Market Index (HMI). This index takes data from a monthly survey NAHB administers in which they ask their members to rate market conditions and their effect on new home sales. This information is collected and then analyzed to determine the value of the index. In January, the value stood at 74, but as the pandemic started to affect the country, that number dropped to 30 in April. With the new information available, the index rose to 72, which is comparable to the levels before COVID.