Builder Confidence Declines in March but Remains Elevated

The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reports that builder confidence in the market for newly built single-family homes declined 2-point in March, after a 1-point increase in February, to a reading of 82. Builder confidence topped at a level of 90 last November and has trended lower as supply-side and demand-side factors have trimmed housing affordability. Any number over 50 indicates that more builders view conditions as good rather than poor.

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Higher Material Costs, Interest Rates Lower Builder Sentiment