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Housing market shows improvement in September

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(Read caption) This chart tracks the National Association of Home Builders' Housing Market Index over the past two decades. The Housing Market Index climbed to 40 in September.

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Today, the National Association of Home Builders (NAHB) released their latest Housing Market Index (HMI)showing an notable improvement in September with the composite HMI index rising to 40 while the "buyer traffic" index climbed to 31, a level not seen since May 2006.

While all indicators have made truly spectacular improvements this year, it's important to note that conditions still remain fairly distressed by historic standards.

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Although, looking at the data, it is fairly clear that the last few months of results indicate a major change in builder sentiment likely coming as a result of improvements in confidence given the notable rise in buyer traffic.