The National Association of Home Builders/Wells Fargo Housing Market Index fell to 67 in January, a 2 point decrease from a downwardly revised December reading of 69.
“Builders begin the year optimistic that a new Congress and administration will help create a better business climate for small businesses, particularly as it relates to streamlining and reforming the regulatory process,” said NAHB Chairman Granger MacDonald, a home builder and developer from Kerrville, Texas.
All three HMI components declined in January. The component measuring current sales conditions fell 3 points to 72, the component measuring sales expectations declined 2 points to 76, and the component measuring buyer traffic fell 1 point to 51.
The regional three-month moving averages for HMI scores were generally positive. The Northeast rose 2 points to 52 and the Midwest rose 3 points to 64, while the West and the South held steady at 79 and 67, respectively.
Read the NAHB release.