June U.S. Builder Confidence Dips
U.S. builder confidence for new single-family homes in June fell 2 points from May to 81, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI component gauging current sales conditions dropped 2 points to 86 and the measurement of sales expectations in the next six months shrunk 2 points from May to 79. The component measuring prospective buyer traffic dropped 2 points to 71 in June.
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