Builder confidence in the United States for newly-built single-family homes remained unchanged in April, the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released on Monday showed.
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The reading stood at 51, flat compared to the previous month, marking the fourth consecutive month of gains. Using the same comparison, the current sales conditions index climbed by one point to 57, the sales expectations index declined by two points to 60 and the traffic of prospective buyers index increased by one point to reach 35.
“With the markets now adjusting to rates being somewhat higher due to recent inflation readings, we still anticipate the Federal Reserve will announce future rate cuts later this year, and that mortgage rates will moderate in the second half of 2024,” NAHB Chief Economist Robert Dietz noted.