U.S. Builder Confidence Falls in April
U.S. builder confidence for new single-family homes in April fell 1 point to 69 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI component gauging current sales conditions fell 2 points to 75, and sales expectations in the next six months decreased 1 point to 77. The component measuring buyer traffic remained at 51 points.
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