WASHINGTON - The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) reported that builder confidence in the market for newly built, single-family homes rose to 47 in April.

"Builder confidence has been in a holding pattern the past three months," said NAHB Chairman Kevin Kelly. "Looking ahead, as the spring home buying season gets into full swing and demand increases, builders are expecting sales prospects to improve in the months ahead."

The HMI index assessing the current sales environment in April held firm at 51 along with the component evaluating traffic of prospective buyers at 32. The component gauging prospects for future sales grew four points to 57.