Builder confidence for newly built single-family homes ticked down two points this month to a level of 70, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
Down from February’s 72, overall builder confidence is still strong due to the growing demand for housing, according to NAHB Chairman Randy Noel.
“However, builders are reporting challenges in finding buildable lots, which could limit their ability to meet his demand,” Noel said in a statement.
Confidence in sales conditions remained the same at 77, while sales expectations in the next six months declined two points to 78. Confidence in buyer traffic dropped three points to 51.
Regionally, confidence in the Northeast rose one point to 57, the South dropped one point to 73, the West dropped two points to 79 and the Midwest fell four points to 68.
NAHB Chief Economist Robert Dietz said in a statement that he anticipates demands in the single-family sector to continue to make gradual gains in the coming months.
The NAHB/Wells Fargo Housing Market Index surveys builder perceptions of the single-family home market for the next six months as “good,” “fair” or “poor.”
