Builder confidence in the market for newly built, single-family homes rose one point to 47 in April following a March reading of 46 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). Based on a survey the NAHB has been utilizing for 30 years, the HMI gauges builders perceptions of current single-family home sales, expectations of sales for the coming six months and traffic rate of prospective buyers. “Job growth is proceeding at a solid pace, mortgage interest rates remain historically low and home prices are affordable,” said NAHB Chief Economist David Crowe. “While these factors point to a gradual improvement in housing demand, headwinds that are holding up a more robust recovery include ongoing tight credit conditions for home buyers and the fact that builders in many markets are facing a limited availability of lots and labor.” Regionally, as MHProNews has learned, the West posted a nine point decline, the Midwest witnessed a fall of four points, while the Northeast and South each fell two points.
