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 home was unchanged in May from April’s reading of 83. Builder confidence topped at a level of 90 in November 2020. However, any number over 50 indicates that more builders view conditions as good rather than poor. Looking at the three-month moving averages for regional HMI scores, the South rose one point to 84 and the West held steady at 90. The Northeast fell four points to 82 and the Midwest posted a three-point drop to 75.
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