The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) for single-family newly-built homes dropped one point to 46 this month as builder confidence leveled off. A score of 50 or better indicates builders see the market as good versus poor, as MHProNews understands. Having been conducted for 25 years, the survey is a composite of builder perceptions of current sales conditions (51), sales expectations in the next six months (50), and traffic of prospective buyers (32). The three-month moving averages showed the Northeast and West gaining 3 and 4 points, respectively; and the South and Midwest each losing a couple. Observed NAHB Chief Economist David Crowe, “The index remains near its highest level since May of 2006, and we expect home building to continue on a modest rising trajectory this year.”
