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Builder Confidence Rose 1 point in March to 47
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Builder confidence in the market for newly-built, single-family homes rose one point to 47 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.
The March HMI mirrors last month’s sentiment, as builders continued to be affected by poor weather and difficulties in finding lots and labor.
A number of factors are raising builder concerns over meeting demand for the spring buying season. These include a shortage of buildable lots and skilled workers, rising materials prices and an extremely low inventory of new homes for sale.
The index’s components were mixed in March. The component gauging current sales conditions rose one point to 52 and the component measuring buyer traffic increased two points to 33. The component gauging sales expectations in the next six months fell one point to 53.
The three-month moving averages for regional HMI scores all fell in March. The Northeast dropped three points to 35, the Midwest fell three points to 53, the South posted a four-point decline to 49 and the West registered a two-point drop to 61.
Posted: March 17, 2014 Monday 10:00 AM