Homebuilder Confidence Falls in April
|The NAHB/Wells Fargo Housing Market Index fell 3 points in April as all components declined on the month. Despite the dip, the index remains at a level consistent with continued gains in new home construction.
Despite Dip, Sentiment Remains Solid
- After hitting a fresh cycle-high in March, the NAHB Housing Market Index (HMI) fell 3 points in April to 68. All three HMI components edged lower on the month. The current sales and expected sales measures each fell 3 points.
- Despite the pull-back, confidence remains relatively high. The present sales index has trended above 70 for five consecutive months, signaling strong demand for new homes.
Continued Improvement in Residential Construction
- All areas except the West saw sentiment fall in April. After a late season blast of winter weather, the Northeast reported an 8-point drop, partially reversing March’s 14-point rise.
- The solid readings for builder sentiment coincide with stronger reports for retail sales at home improvement stores, which are up solidly on a three-month annualized basis. Residential investment is one of the few bright spots for first quarter growth.
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