Builder confidence in the market for newly built single-family homes in March is at 58 on the National Association of Home Builders Housing Market Index, the same level as February.
The confidence level indicates the single-family market is making progress, albeit slowly, said NAHB Chairman Ed Brady in a statement.
The HMI is an average of three market indicators: Current sales conditions held steady at 65 in March; sales expectations fell three points to 61; and buyer traffic rose four points to 43.
The Midwest reported a one-point increase in its HMI in March to 58. The South remained at 59, while the West fell by three points to 69 and the Northeast dropped one point to 46.
"While builder sentiment has been relatively flat for the last few months, the March HMI reading correlates with NAHB's forecast of a steady firming of the single-family sector in 2016," said NAHB Chief Economist David Crowe. "Solid job growth, low mortgage rates and improving mortgage availability will help keep the housing market on a gradual upward trajectory in the coming months."
