Builder Confidence Unchanged – Again

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Posted To: MND NewsWire

The index that measures builder confidence in the new home market was unchanged in May for the fourth straight month the National Association of Home Builders (NAHB) said on Monday. The NAHB/Wells Fargo Housing Market Index (HMI) remained at 58 and two of its three components were also the same as in April. Analysts surveyed by Econoday had expected a 1-point bump in the number. The HMI is derived from a survey conducted by NAHB among its new home builder members. They are asked to gauge their perceptions of current new home sales and their expectations for sales over the upcoming six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate…(read more)

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