Builder Confidence Little Changed in May
Washington, DC, May 15, 2014 -- Builder confidence in the market for newly built, single-family homes in May fell one point to 45 from a downwardly revised April reading of 46 on the National Association of Home Builders/Wells Fargo Housing Market Index.
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“After four months in which the HMI has shown little signs of fluctuation, it is clear that builder sentiment is becoming more in line with the market reality of a continuing but modest recovery,” said NAHB Chairman Kevin Kelly.
“However, builders expressed some optimism that sales will pick up in the coming months.”
“Builders are waiting for consumers to feel more secure about their financial situation,” said NAHB Chief Economist David Crowe.
“Once job growth becomes more consistent, consumers will return to the market in larger numbers and that will boost builder confidence.”
The index component gauging sales expectations in the next six months rose one point to 57 and the component measuring buyer traffic increased two points to 33. The component gauging current sales conditions fell two points to 48.