The National Association of Home Builders/Wells Fargo Housing Market Index was unchanged at 58 points in May, indicating that more builders view conditions as good than poor. The index has remained unchanged for four consecutive months.
Index components were mixed in May. The index measuring sales expectations in the next six months rose 3 points to 65, while the indices measuring buyer traffic and current sales conditions were unchanged at 44 and 63 respectively.
“The fact that future sales expectations rose slightly this month shows that builders are confident that the market will continue to strengthen,” said NAHB Chief Economist Robert Dietz. “Job creation, low mortgage interest rates and pent-up demand will also spur growth in the single-family housing sector moving forward.”
The three-month moving averages for regional HMI scores varied. The Northeast fell 3 points to 41, while the West was unchanged at 67. The South and Midwest each posted 1 point gains to 59 and 58 points respectively.
Read the NAHB release.