WASHINGTON -- Home builders are no less or more bullish on the market for newly built, single-family homes in December than they were in November, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).
"Builders are bracing themselves for a slow holiday season as a number of factors continue to cause uncertainty among consumers and builders alike," said NAHB Chairman Bob Jones, a home builder from Bloomfield Hills, Mich. "While the HMI is adjusted for seasonal factors, the typical cold-weather slowdown in sales activity is being accentuated by ongoing weakness in the job market, the rising number of foreclosures and short-sales, and very challenging credit conditions for both builders and buyers."
Regionally, HMI scores declined four points in the Midwest and West, to 13 and 11, respectively, and one point in the South, to 17. The Northeast, which can display greater month-to-month volatility due to its smaller survey sample, posted a 12-point gain to 24 in December.
Learn more from the National Association of Home Builders' press release.
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