Washington, DC, Jan. 16, 2014 -- Builder confidence in the market for single-family homes fell one point to 56 in January from a revised December reading of 57 on the National Association of Home Builders/Wells Fargo Housing Market Index.
“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.”
“Rising home prices, historically low mortgage rates and significant pent-up demand will drive a continuing, gradual recovery in the year ahead,” said NAHB Chief Economist David Crowe.
“However, the pace of the recovery could be stronger were it not for rising construction costs and inaccurate appraisals that are keeping some home sales from going through.”