May 15, 2017 / 2:40 PM / 4 months ago

U.S. home builder confidence rises in May

May 15 (Reuters) - A private gauge of U.S. home builder sentiment unexpectedly rose in May to its second strongest level since the housing bust nearly a decade ago, as the existing supply of homes remained tight.

The National Association of Home Builders and Wells Fargo said on Monday their index of builder confidence in newly built, single-family homes climbed to 70 points from 68 in April. Analysts polled by Reuters had forecast the reading to be unchanged in May from April. (Reporting by Richard Leong in New York; Editing by Jeffrey Benkoe)

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