The National Association of Home Builders/Wells Fargo Housing Market Index held steady at 58 points in March, unchanged from February’s reading.
“While builder sentiment has been relatively flat for the last few months, the March HMI reading correlates with NAHB’s forecast of a steady firming of the single-family sector in 2016,” said NAHB Chief Economist David Crowe. “Solid job growth, low mortgage rates and improving mortgage availability will help keep the housing market on a gradual upward trajectory in the coming months.”
Index components were mixed during March. Current sales conditions were unchanged at 65, after falling three points in February. The buyer traffic index rose four points to 43, while the index measuring sales expectations fell three points to 61.
The three-month moving averages for regional HMI were mixed. The Midwest posted a one point gain to 58, while the West fell three points to 69. The Northeast fell one point to 46, while the South was unchanged at 59.
Read the NAHB release.