The National Association of Home Builders/Wells Fargo Housing Market Index weakened slightly to 67 in June, a two point decrease from May’s downwardly revised reading of 69.
“Builder confidence levels have remained consistently sound this year, reflecting the ongoing gradual recovery of the housing market,” said NAHB Chairman Granger MacDonald, a home builder and developer from Kerrville, Texas.
All three HMI components posted losses in June but remained at historically positive levels. The component measuring current sales conditions fell two points to 73; the component measuring sales expectations in the next six months decreased two points to 76, and the component measuring buyer traffic moved down two points to 49.
The regional three-month moving averages for HMI scores showed gains in two of the four regions. The Midwest and South both edged one point up to 67 and 70, respectively, while the Northeast and West each dropped two points to 46 and 76, respectively.