Builder confidence slid two points in March to a level of 72, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index.
It is the sixth month levels have been reported in the low-to-mid 70s. However, sales expectations for the next six months fell four points in March due to uncertainty stemming from the coronavirus, according to NAHB.
“It is important to note that half of the builder responses in the March HMI were collected prior to March 4, so the recent stock market declines and the rising economic impact of the coronavirus will be reflected more in next month’s report,” NAHB Chief Economist Robert Dietz stated. “Overall, 21% of builders in the survey report some disruption in supply due to virus concerns in other countries such as China.”
