U.S. builder confidence for new single-family homes in March climbed two points from February to 44, marking the third consecutive month of increases, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI component gauging current sales conditions grew two points to 49, while the measurement of sales expectations in the next six months dipped one point to 47 in March. The prospective buyer traffic component rose three points to 31.
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
