Builder confidence in the market for newly built, single-family homes was unchanged in March from a revised level of 28 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released this week. This means that following five consecutive months of gains, the HMI is now holding at its highest level since June of 2007.
While the HMI component gauging current sales conditions declined one point to 29 in March, the component gauging sales expectations in the next six months gained two points to 36 and the component gauging traffic of prospective buyers held unchanged at 22.
Regionally in March, the HMI fell 10 points in the West, which includes California, following a 22-point gain in the previous month.
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