The National Association of Home Builders/Wells Fargo Housing Market Index was unchanged at 58 points in April, indicating that more builders view conditions as good than poor. The index has remained unchanged for three consecutive months.
“Builders remain cautiously optimistic about construction growth in 2016,” said NAHB Chief Economist Robert Dietz. “Solid job creation and low mortgage interest rates will sustain continued gains in the single-family housing market in the months ahead.”
Index components were mixed in April. The index measuring sales expectations in the next six months, and the index measuring buyer traffic each rose one point to 62 and 44 points, respectively. The component charting current sales conditions fell two points to 63.
The three-month moving averages for regional HMI scores posted declines. The Northeast and West fell two points each to 44 and 67 points, respectively. While the Midwest and South posted one point respective losses to 57 and 58 points.
Read the NAHB release.
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