WASHINGTON—Builder confidence in the market for newly built, single-family homes fell one point in January, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). “Following an unexpected jump last month, builder confidence has essentially leveled out and is holding at a solid level,” said NAHB Chairman Rick Judson. “Many markets continue to improve and this bodes well for future home sales.”
Builder confidence was not the only component of the HMI that saw decline in January. The index gauging current sales conditions also edged one point lower to 62, while the index gauging expectations for future sales fell two points to 60. The index gauging traffic of prospective buyers feel three points to 40.
Three-month moving averages for regional HMI scores indicate fairly steady levels. The Northeast and West each rose four points to 42 and 63, respectively, while the South held steady at 56. The Midwest fell a single point to 58.
More information about the January HMI or the NAHB can be found here.