Washington, DC (AP via USA Today) -- Confidence among home builders ticked up this month to a five-year high, an indication that the housing market is slowly improving.
The National Association of Home Builders/Wells Fargo builder sentiment index rose in June to 29, highest reading since May 2007. It increased from 28 last month, which was revised down one point.
The index has risen seven of the past nine months. Still, a reading below 50 indicates negative sentiment about the housing market. The index hasn't topped 50 since April 2006, peak of the housing boom.
In June, builders reported the best sales level since April 2007, according to a separate measure in the survey. Their outlook for sales in the next six months, however, hasn't changed from May.