Builders Confidence Bounces Back in May from April’s Historic Decline

According to the latest National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index (HMI) for May, builders confidence in the market for newly built single-family homes increased to 7 points to a reading of 37. Coming off its largest single month decline in the history in April. A signal that the housing market is showing signs of stabilizing and slowly moving forward in the shadow of the COVID-19 pandemic. Any reading below 50, indicates that builders view the prospect for building as poor, rather than good.