Builder confidence for newly constructed single-family houses slipped 10 percent in February from the previous month. The Housing Market Index registered a score of 46, according to data from the National Association of Home Builders and Wells Fargo. A score exceeding 50 means that more builders consider conditions to be good rather than poor.
“Significant weather conditions across most of the country led to a decline in buyer traffic last month,” Kevin Kelly, chair of National Association of Home Builders, said in a statement, cited by Bloomberg News. “Builders also have additional concerns about meeting ongoing and future demand due to a shortage of lots and labor.”