The National Association of Home Builders/Wells Fargo Housing Market Index fell to 65 in February, a 2 point decrease from January’s reading of 67.
“While builders remain optimistic, we are seeing the numbers settling back into a normal range,” said NAHB Chairman Granger MacDonald, a home builder and developer from Kerrville, Texas. “Regulatory burdens remain a major challenge to our industry, and NAHB looks forward to working with the new Congress and administration to help alleviate some of the pressures that are holding small businesses back and making homes less affordable.”
All three HMI components declined in February. The component measuring current sales conditions fell 1 point to 71, the component measuring sales expectations declined 3 points to 73, and the component measuring buyer traffic fell 5 points to 46.
The regional three-month moving averages for HMI scores were mixed. The Northeast fell 2 points to 50 and the Midwest rose 1 point to 65. The South declined 1 point to 67 and the West held at 79 for the third straight month.
Read the NAHB release.
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