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Builder confidence hits highest level since boom


Builder confidence in the market for new homes hit a 12-year high this month, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index.

The overall index rose by six points of 71, the highest level since June 2005, NAHB reported. The index measures confidence in the current and future market for newly build homes, and the builders' perceptions of buyer traffic. An overall score of 50 or more suggests that the majority of builders view conditions favorably.

“While builders are clearly confident, we expect some moderation in the index moving forward,” NAHB Chief Economist Robert Dietz said. “Builders continue to face a number of challenges, including rising material prices, higher mortgage rates, and shortages of lots and labor.

All three components increased in March. Confidence in current sales conditions jumped seven points to 78, while the index charting sales expectations in the next six months rose five points to 78.  The index measuring buyer traffic increased eight points to 54.

Regionally, confidence in the Midwest increased three points to 68;  and the South was up one point to 68. The West dipped three points to 76, and the Northeast dropped one point to 48.


 

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