U.S. Builder Confidence Fell
U.S. builder confidence in the market for new single-family homes in February fell 2 points to 65 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).
All three HMI components fell in February with current sales conditions down 1 point to 71 and sales expectations in the next six months dropping 3 points to 73. The component measuring buyer traffic was down 5 points to 46.
Derived from a monthly NAHB survey, the HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months. Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good rather than poor. See National Association of Home Builders