U.S. Builder Confidence Slips
U.S. builder confidence for new single-family homes in July fell 2 points from June to 64 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Despite June’s decline, the HMI remained strong for both current sales conditions and sales expectations in the next six months dropping 2 points to 70 and 73, respectively. The component measuring buyer traffic dipped 1 point to 48.
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 NAHB