The National Association of Home Builders’ National Market Index was unchanged month-over-month according to March numbers, indicating that builder confidence in new construction single-family homes nationwide is holding at the highest level observed since June of 2007, according to data released today by the NAHB.
In March, the housing market index held at 28, same as February’s revised score. The index measures buyers’ expectations for the market in the next six months.
Regionally, the HMI gained 5 points to 25 in the Northeast, 2 points to 32 in the Midwest and 2 points to 27 in the South, but fell 10 points in the West, the report says, between February and March.
“Builder confidence is now twice as strong as it was six months ago, and the West was the only region to experience a decline this month following an unusual spike in February,” said NAHB chief economist David Crowe. “That said, many of our members continue to cite obstacles on the road to recovery, including persistently tight builder and buyer credit and the ongoing inventory of distressed properties in some markets.” — Guelda Voien