Builder confidence edges lower

The NAHB Housing Market Index falls two points as builders begin to feel effects of social and economic disruption.

The coronavirus pandemic began to take a toll on home builder confidence in March, albeit muted, the National Association of Home Builders reported Tuesday.

NAHB/Wells Fargo Housing Market Index (HMI) fell two points to 72 in March. Sentiment levels have held in a firm range in the low- to mid-70s for the past six months.

The HMI index gauging current sales conditions fell two points to 79, the component measuring sales expectations in the next six months dropped four points to 75 and the gauge charting traffic of prospective buyers also decreased one point to 56.

Among the three-month moving averages for regional HMI scores, the Midwest fell two points to 66, the South moved one point lower to 77 and the West posted a one-point decline to 82. The Northeast rose two points to 64.