WASHINGTON -- Builder confidence in the market for newly built, single-family homes held unchanged in September from the previous month's low level of 13, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI).
Neither the component gauging current sales conditions nor the component gauging sales expectations in the next six months budged in September from their low readings in the previous month, holding at 13 and 18, respectively. The index gauging traffic of prospective buyers edged down a single point, to 9.
Regionally, HMI readings fell two points in the Northeast and three points in the Midwest, to 16 and 12, respectively. The South posted a two-point improvement to 14 while the West held unchanged, at 8.
"In general, builders haven't seen any reason for improved optimism in market conditions over the past month," said NAHB Chairman Bob Jones, a homebuilder from Bloomfield Hills, MI. "If anything, consumer uncertainty has increased, and builders feel their hands are tied until potential home buyers feel more secure about the job market and economy."
Read the National Association of Home Builders' press release.
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