Builder confidence in the market for new single-family homes in the United States remained unchanged in March, according to the latest NAHB/Wells Fargo Housing Market Index (HMI). The HMI held firm at 20, which is near its historic low of 18 set in December of 2007 (the series began in January of 1985).
Two out of three of the HMI's component indexes were unchanged in March from the previous month. The index gauging current sales conditions for newly built single-family homes held firm at 20 while the index gauging traffic of prospective buyers stayed at 19 following a significant gain in February. The index gauging sales expectations for the next six months edged downward by a single point to 26.
Regionally, the HMI was mixed, with the Northeast posting a two-point decline to 21, the Midwest holding even at 16, the South reporting a two-point gain to 26 and the West showing a one-point decline to 15.