Builder confidence in the market for newly built single-family homes rose four points to a level of 58 on the National Association of Home Builders (NAHB) confidence index, indicating most builders see strong market conditions.

 "Low interest rates, affordable home prices and solid job creation are contributing to a steady housing recovery," NAHB Chief Economist David Crowe said in a statement. "After a slow start to the year, the [index] has remained above the 50-point benchmark for five consecutive months, and we expect the momentum to continue into 2015."

Derived from a monthly survey that NAHB has been conducting for 30 years, the confidence index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as "good," "fair" or "poor." The survey also asks builders to rate traffic of prospective buyers as "high to very high," "average" or "low to very low." Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

All three index components increased in November. The index gauging current sales conditions rose five points to 62, while the index measuring expectations for future sales moved up two points to 66 and the index gauging traffic of prospective buyers increased four points to 45.

Regionally, however, the Northeast was the weakest market for builder’s confidence, though it did improve, with the three month rolling average rising three points to 44. The South posted a four-point gain to 62, and the West edged up one point to 58. The Midwest registered a two-point loss to 57.