U.S. Builder Confidence Dips in March
U.S. builder confidence for new single-family homes in March fell 1 point from February to 70 points on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI component gauging current sales remained unchanged from the previous month at 77, and sales expectations in the next six months fell 2 points to 78. The component measuring buyer traffic fell 3 points to 51.
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