Builder Confidence Declines Further in January

The National Association of Home Builders (NAHB) /Wells Fargo Housing Market Index (HMI) indicates that builder confidence in the market for newly built single-family homes declined 3-points to a reading of 83 in January. The HMI has declined for the past 2 consecutive months as the COVID 19 pandemic continues to impact jobsites activity as well as building materials manufacturing. Despite the decline, builder sentiment remains at a strong level, as any reading over 50 indicates builders see the market as good.