Industry News

Builder confidence holds steady

Despite dip in new-home sales, more prospective buyers browse model homes in March

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Demand for newly built single-family homes is holding steady at a healthy level in March, according to builders surveyed for the National Association of Home Builders' latest Housing Market Index, released today. The HMI remained unchanged this month from February's 64 reading. Two out of three of the HMI's component indexes slipped in March. The index gauging current sales of new single-family homes fell two points to 69, while the index gauging sales expectations for the next six months declined three points to 70. Meanwhile, the index gauging traffic of prospective buyers rose two points to 48, indicating some slight improvement in the flow of visitors to model homes over the last month. "Highly favorable financing conditions, solid house-price performance and excellent demographics continue to drive the new-homes marketplace. Builders evidently are deriving confidence from these developments and registering realistic expectations for the future," NAHB Chief Economist David Sei...