The NAHB/Wells Fargo Housing Market Index fell one point to 57 in December. Although the index was expected to rise to 59, the drop still left the index well above the key 50 break-even level.
Outlook for 2015 Unchanged
- Builder confidence fell one point to 57 in December in contrast to expectations for a one point increase. This was still a solid report, as the index remained above the critical level of 50 for the sixth month in a row, indicating more builders have a positive sentiment than a negative one.
- The rise in homebuilder sentiment is consistent with our forecast for modest gains in single-family starts next year.
Prospective Buyer Traffic Still Lags
- Both the present and future single-family home sales series declined by one point in December. Prospective buyer traffic was flat at 45 and has been the one notable component yet to rebound from the crash. Although the index is approaching 50, a reading below means that more builders are reporting conditions as poor versus good. While conditions fell in most parts of the country, they jumped notably in the West.
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