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US home-builder confidence improves in May

U.S. home-builder confidence improved in May as builders were buoyed by growing demand for single-family homes, according to the National Association of Home Builders.

The NAHB/Wells Fargo Housing Market Index rose two points to 70 in May from a downward-revised level of 68 in the previous month, NAHB's report showed.

The HMI measure of current sales conditions rose two points to 76, while the measures for buyer traffic and expectations in the next six months were steady at 51 and 77, respectively.

NAHB Chairman Randy Noel said growing consumer demand for single-family homes helped builders' confidence.

"However, the record high cost of lumber is hurting builders' bottom lines and making it more difficult to produce competitively priced houses for newcomers to the market," he said.