U.S. homebuilders are feeling more optimistic this month, reflecting a recent rebound in sales of newly built homes.
The National Association of Home Builders/Wells Fargo builder sentiment index released Thursday rose two points to 70 this month. That's the highest reading since March.
Readings above 50 indicate more builders see sales conditions as good rather than poor. The index has remained above 60 since September of 2016.
According to the latest survey by FactSet, the index exceeded expectations for a reading of 68 among industry analysts.
Readings gauging builders' view of single-family home sales rose from October, while an outlook for sales over the next six months fell. A measure of traffic by prospective buyers also rose.
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