IE Business Daily Business news for the Inland Empire.
U.S. home builders are apparently a little less optimistic this month about the U.S. housing market.
Builder confidence in the prospective sale of new, single-family homes fell to 54, down two points month-over-month but up nine compared with May 2014, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
“Consumers are exhibiting caution,” said David Crowe, the association’s chief economist, in a statement. “On the bright side, the [index] measuring future sales expectations has been tracking upward all year, mortgage rates remain low and housing prices are affordable.
“Those factors should spur the release of pent-up demand moving forward.”
The index, which was released Monday, has been conducted for 30 years. It asks builders to rate the market’s prospects for the next six months, with any ranking of 50 or above meaning more builders view the market as good rather than poor.
