The National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index (HMI) reports that strong buyer demand pushed builder confidence in the market for newly built single-family homes up 1-point to a reading of 83. Builder confidence peaked at a level of 90 in November of 2020 but had moved lower until this month’s uptick. Any number over 50 indicates that more builders view conditions as good rather than poor. The HMI index gauging current sales conditions increased 1-point to 88 and the gauge charting traffic of prospective buyers posted a 3-point gain to 75. However, the component that measures sales expectations in the next 6-months fell 2-points to 81.
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Builder Confidence Edges Up as Strong Demand Offsets Supply-Side Challenges