NEW YORK ( TheStreet) -- Homebuilder confidence remained high in September but signs of waning interest from homebuyers are a cause for concern. The National Association of Homebuilders/Wells Fargo Housing Market Index, which measures builder confidence in the market for newly built single-family homes, had a reading of 58 in September, unchanged from the previous month.
Housing has recovered over the past year on low rates and a sharp decline in inventory. With higher rates and increasing inventory, home price gains are expected to slow. For the recovery to continue, the economy has to continue to expand and create more jobs, or in the absence of that credit would have to loosen. -- Written by Shanthi Bharatwaj New York. >Contact by Email. Follow @shavenk