U.S. Builder Confidence Remains Steady in February
U.S. builder confidence for new single-family homes in February fell 1 point from January to 74 points on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI component gauging current sales conditions dropped 1 point to 80, while the measurement of sales expectations in the next six months fell 1 point from January to 79. The component measuring prospective buyer traffic was also down 1 point from January to 57. While the numbers decreased, the last 3 HMI monthly readings have been the highest sentiment levels since 2017.
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