Builder Confidence Nears 'Good Building Conditions' in June
Despite mixed signals about the housing market in May, builder confidence in the market for newly built, single-family homes rose four points in June to reach a level of 49 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) It remains one point shy of the threshold for what is considered good building conditions.
While declines in both single- and multifamily starts pushed nationwide housing production down 6.5% in May to a seasonally adjusted annual rate of just over 1 million units, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, builder confidence has risen this month.