Builders of Stick-Built Homes Indicate Slight Confidence Drop

home building   fotosearchThe National Association of Home Builders (NAHB) informs MHProNews that builder confidence for for newly-built, single-family homes dropped two points in March on the NAHB/Wells Fargo Housing Market Index (MHI), hitting the lowest point in eight months.

NAHB Chief Economist David Crowe and Chairman Tom Woods, noting the index remains in positive territory–any reading above 50 indicates builders see conditions as more favorable rather than less favorable—are still confident of a strong spring buying season due to the growing job market, low interest rates and pent-up demand.

Builders’ gauge of current sales conditions fell three points, estimate of buyer traffic dropped two points, while the gauge of sales expectations for the next six months held steady at 59. Regionally, in composite form, the Midwest rose two points to 56, the West fell seven points to 61, the South lost two points to 55 and the Northeast dropped two points to land at 43.

The NAHB has been conducting a monthly survey of builders for 30 years. ##

(Photo credit: fotosearch)

matthew-silver-daily-business-news-mhpronews-com  Article submitted by Matthew J. Silver to Daily Business News-MHProNews.

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