The National Association of Home Builders/Wells Fargo Housing Market Index held steady at 62 in March, the same level as February. Home builders report the market is stabilizing following the slowdown at the end of 2018, and they anticipate a solid spring home buying season.
“The skilled worker shortage, lack of buildable lots and zoning restrictions in many major metro markets are among the challenges builders face as they strive to construct homes that can sell at affordable price points.”
Two of three HMI components posted gains in January. The component measuring current sales conditions rose two points to 68; the component measuring sales expectations in the next six months increased three points to 71, and the component measuring buyer traffic moved down four points to 44.
The regional three-month moving averages for HMI scores showed mixed results. The Northeast rose five points to 48, the Midwest declined one point to 51, the South increased three points to 66, and the West rose two points to 69.
Read the NAHB release.
