Builders' confidence in the market for newly built single-family homes in January was unchanged from December, according to survey results announced today by the National Association of Home Builders (NAHB).
Builders' confidence in the market for newly built single-family homes in January was unchanged from December, according to survey results announced today by the National Association of Home Builders (NAHB).
The NAHB's Housing Market Index remained at 47 in December. Following eight consecutive monthly gains, the index continues to hold at its highest level since April 2006.
Action within the index's component parts was mixed in January. The component gauging current sales conditions remained unchanged at 51. Meanwhile, the component gauging sales expectations in the next six months fell one point to 49 and the component gauging traffic of prospective buyers gained one point to 37.
"Conditions in the housing market look much better now than at the beginning of 2012, and an increasing number of housing markets are showing signs of recovery, which should bode well for future home sales later this year," said Barry Rutenberg, chairman of the NAHB and a home builder from Gainesville, Fla.
"Builders' sentiment remains very close to the index's tipping point of 50, where an equal number of builders view conditions as good and poor, and fundamentals indicate continued momentum in housing this year," said NAHB Chief Economist David Crowe. "However, persistently tight mortgage credit conditions, difficulties in obtaining accurate appraisals and the ongoing stalemate in Washington over critical economic concerns continue to impede the housing recovery."