Builder confidence in the market for newly-built homes declined one point to 57, the third straight month the index has been in the upper 50s range, according to the National Association of Home Builders Housing Market Index.
The HMI is a combination of three components. Builder perception of current single-family home sales in January is at 62, and did not change since December. The index measuring expectations for future sales declined four points to 60, and the component that estimates the traffic of prospective buyers fell two points to 58.
Regionally, the HMI for the West increased four points to 66. It rose three points in the Midwest to 57. The Northeast went up two points to 47. The South dipped two points down to 58.
"January's HMI reading is in line with our forecast as we head into the new year," said NAHB Chief Economist David Crowe in a statement. "Steady economic growth, rising consumer confidence and a growing labor market will help the housing market continue to move forward in 2015."
