Builder confidence is holding steady in the latest NAHB/Wells Fargo Housing Market Index.
For January, the National Association of Home Builders index of single-family home construction sentiments stood at 60 on a 100-point scale — the same as a downward revised December.
"January's HMI reading is right in line with our forecast of modest growth for housing," said NAHB Chief Economist David Crowe. "The economic outlook remains promising, as consumers regain confidence and home values increase, which will help the housing market move forward."
The index gauges builder sentiment in the single-family home market, asking builders to rate conditions as “good,” “fair” or “poor.” Any figure over 50 says that a majority of builders view conditions as positive.
"After eight months hovering in the low 60s, builder sentiment is reflecting that many markets continue to show a gradual improvement, which should bode well for future home sales in the year ahead," said NAHB Chairman Tom Woods, a home builder from Blue Springs, Missouri.