U.S. builder confidence for new single-family homes fell three points in March to 39, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The HMI component that tracks current sales was 43, decreasing three points from February, while the measurement of sales expectations for the next six months was unchanged at 47. The prospective buyer traffic component was 24, five points lower than February.
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
