MLS & Associations

Homebuilders lose confidence in March, but place faith in strong spring

NAHB survey cites supply chain, underwriting issues in monthly survey

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Supply chain issues and tight underwriting standards have drained homebuilder confidence in the market, but economists are optimistic that springtime will usher in more positivity, according a monthly survey released today by the National Association of Home Builders. National Association of Home Builders/Wells Fargo Housing Market Index (HMI) rates builder perceptions of current single-family home sales and sales expectations for the next six months as "good," "fair" or "poor." Any number over 50 indicates that more builders view conditions as "good" than "poor." Builder confidence for newly built, single-family homes fell two points this month to a level of 53, the association said. Current sales conditions fell three points to 58, while buyer traffic dropped two points to 37. In the last three months, the Northeast and South regions posted a two-point drop to 43 and 55, respectively. The West fell seven points to 61, while the Midwest actually rose two points to 56. "Th...