Homebuilder sentiment down for fourth month

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NAHB/Wells Fargo Housing Market Index: Builder confidence in the new single-family home market fell 2 points to 77 in April; a year ago it was 83.

WASHINGTON — According to the National Association of Home Builders (NAHB)/Wells Fargo housing market index, builder confidence in the market for new single-family homes fell 2 points to 77 in April.

The reading marks the fourth consecutive month of decline for the index, which stood at 83 in April 2021.

Across all three index components, current selling conditions fell 2 points to 85. Buyer traffic fell 6 points to 60 and expectations for sales over the next six months rose 3 points to 73 after a 10 point drop in March.

NAHB President Jerry Konter said: “Despite the existing low inventory, builders are reporting that sales traffic and current sales conditions have fallen to their lowest points since last summer as a strong rising mortgage rates and ongoing supply chain disruptions continue to disrupt the housing market.

Regionally, on a three-month moving average, builder sentiment rose 1 point to 72 in the Northeast and fell 3 points to 69 in the Midwest, 2 points to 82 in the South and 1 point to 89 in the West.

Source: CNBC (4/18/22) Olick, Diana

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