Builder confidence in the market for newly built single-family homes edged down two points in July from a revised reading in June, and matches the index average for the year as a whole, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index released today. July's HMI reading, at 70, reflects downward movement in both the index that gauges current single-family home sales, which declined from 77 to 75 this month, and the index that gauges sales expectations for the next six months, which declined from 80 to 77. Meanwhile, traffic of prospective buyers remained unchanged from the previous month's 55 reading. NAHB Chief Economist David Seiders said, "Builders are...concerned about lot shortages and the high cost of land for development, especially in parts of the Northeast and West. Meanwhile, the relatively weak job market situation in the Midwest has had an impact on builder confidence in that part the country." Derived from a monthly survey ...
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