Building confidence in the market for newly-built single-family homes, following a four-point increase last month, dropped one point to 57 on the National Association of Home Builders Housing Market Index.
The slight downtick is not a sign of things to come, said NAHB Chief Economist David Crowe in a statement. The HMI has been in the mid-to-high 50s for the past six months, and he said he expects the market to continue increasing into 2015.
The HMI consists of three components: current sales conditions, expectations for future sales and traffic of prospective buyers. Only one of those components, prospective buyers, held steady at 45. The other two dropped one point each to 61 and 65, respectively.
Any number on the HMI over 50 means more builders view conditions as good than poor.
