Confidence among U.S. homebuilders hovered in December close to a nine-year high, indicating the residential real estate recovery continues to make progress. While the National Association of Home Builders/Wells Fargo sentiment gauge decreased to 57 this month from 58 in November, readings greater than 50 mean more respondents said conditions were good, the Washington-based group reported Monday. The median forecast in a Bloomberg survey projected an advance to 59.

The housing market has made gradual improvement this year, helped by mortgage rates below 4 percent and unemployment at the lowest level in six years. A pick-up in wage growth and sustained gains in consumer sentiment will support momentum in the industry into next year as the Federal Reserve considers its first interest rate rise since 2006.

"We are in a slow march back to normal," David Crowe, NAHB chief economist, said in a statement. "As we head into 2015, the housing market should continue to recover at a steady, gradual pace."

- Bloomberg News