NAHB: Builder confidence drops in new survey
Wintry weather did dampen the confidence of single-family home builders during February, according to the latest survey from the National Association of Home Builders.
Builder confidence in the market for single-family homes fell 2 points to 55 on a 100-point scale on in the NAHB-Wells Fargo Housing Market Index.
"Overall, builder sentiment remains fairly solid, with this slight downturn largely attributable to the unusually high snow levels across much of the nation," said NAHB Chairman Tom Woods, a home builder from Blue Springs, Mo.
NAHB chief economist David Crowe said the home construction market should continue to improve.
"For the past eight months, confidence levels have held in the mid- to upper 50s range, which is consistent with a modest, ongoing recovery," said NAHB chief economist David Crowe. "Solid job growth, affordable home prices and historically low mortgage rates should help unleash growing pent-up demand and keep the housing market moving forward in the year ahead."