Homebuilder confidence in the U.S. held at its lowest levels in almost a year in March, the National Association of Home Builders revealed in a report on Tuesday.
The report said the NAHB/ Wells Fargo Housing Market Index came in at 58 in March, unchanged from February. Economists had expected the index to inch up to 59.
“While builder sentiment has been relatively flat for the last few months, the March HMI reading correlates with NAHB’s forecast of a steady firming of the single-family sector in 2016,” said NAHB Chief Economist David Crowe.
He added, “Solid job growth, low mortgage rates and improving mortgage availability will help keep the housing market on a gradual upward trajectory in the coming months.”
The index gauging current sales conditions held steady at 65 in March, while the index measuring sales expectations in the next six months fell three points to 61. The component charting buyer traffic rose four points to 43.
Wednesday morning, the Commerce Department is scheduled to release its report on new residential construction in the month of February.
Economists expect housing starts to climb to an annual rate of 1.146 million in February from a rate of 1.099 million in January.
Published: 2016-03-15 14:35:00 UTC+00
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