The index is based on three sub-indices: the current state of sales fell two points to 63 in April; the index that tracks what home builders expect for the coming six months rose a point to 62, while the measure of buyer traffic rose one point to 44. The buyer traffic index has not been above 50 since the pinnacle of the housing bubble a decade ago. The overall index hit a ten-year high 65 last fall, but then receded.
The stronger job market should support the overall housing market but attracting workers remains a problem. In Feb. unfilled construction worker openings was at a post-recession high.
NAHB Chief Economist Robert Dietz said builders remain cautiously optimistic. ##
(Photo credit: housingwire)
