Industry News

Builder confidence sinks

Fewer prospective buyers browse model homes in August

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Builder confidence in the market for new single-family homes edged down somewhat in August but remained well within the elevated range that has characterized the past 17 months, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), which was released today. "The August HMI of 67, which is down three points from July, as well as from August of last year, indicates that builders still remain upbeat and confident in the housing market," said NAHB President Dave Wilson, a custom home builder from Ketchum, Idaho.   Builder confidence measures declined slightly in three of the four regions of the country. Only the Northeast, with a rise from 69 to 71, showed an increase. In the Midwest, the confidence gauge declined from an upwardly revised 48 to 45, and in the West it dropped from 88 to 85. The South registered a slight decline from a downwardly revised 74 in July to 73 in August. "The August HMI is consistent with the ratings that w...