Builder confidence dropped a notch in March, according to the National Association of Home Builders/Wells Fargo Housing Market Index. Derived from a monthly survey that the home builder association has been conducting for nearly 20 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as "good," "fair" or "poor." The survey also asks builders to rate traffic of prospective buyers as either "high to very high," "average" or "low to very low." Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view sales conditions as good than poor. March's HMI, at 55, represented a one-point decline from February's downwardly revised 5...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.