The National Association of Home Builders said its housing market index fell by one point to 16 in December, the lowest since June, when it fell to 15. This was also the first monthly decline since October.
"This is shaping up to be a bumpy recovery period for the housing market," said David Crowe, the NAHB's chief economist. "While some families may be just starting to factor the expanded tax credit into their potential home buying plans, many are hesitating because of the poor economy."
In the latest survey of builder confidence, the reading for current sales conditions slipped one point to 16. Traffic by prospective buyers stood at 13. Builders' outlook for sales over the next six months fell by two points to 26.
to Daily News