U.S. Builder Confidence Falls in March
U.S. builder confidence for new single-family homes in March fell 2 points from February to 72 points on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI component gauging current sales conditions dropped 2 points to 79, while the measurement of sales expectations in the next six months fell 4 points from February to 75. The component measuring prospective buyer traffic was also down 1 point from February to 56.
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