Industry News

Builder confidence hits lowest point since 1996

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The National Association of Home Builders/Wells Fargo Housing Market Index sank four points from march to April reaching 50 – the lowest point since February 1996 when the index slipped to 49 – the home builders group announced today.   A index of 50 indicates an equilibrium in builder confidence – any number over 50 indicates that more builders view sales conditions as good, while a number below 50 indicates that builders view sales conditions as poor.   All three component indexes slipped this month, with the largest decline registered for current single-family sales. That component declined five points to 54 in April, while the component for sales expectations in the next six months was down four points to 58 and the component gauging traffic of prospective buyers declined a single point to 39, according to the announcement.   The index is derived from a monthly survey that NAHB has conducted for about 20 years. Builders are asked whether they view s...