An index measuring home-builder confidence failed to post any gain this month, remaining unchanged after eight consecutive months of increases.
The National Assn. of Home Builders/Wells Fargo Housing Market Index held at 47, which was its highest level since April 2006. Any reading over 50 indicates that more builders view conditions as good rather than poor.
“Conditions in the housing market look much better now than at the beginning of 2012, “Barry Rutenberg, chairman of the association, said in a news release. “An increasing number of housing markets are showing signs of recovery, which should bode well for future home sales later this year.”
The components of the index, which is derived from a monthly survey, were mixed. The current sales conditions part of the index was unchanged at 51. The part measuring sales expectations in the coming six months fell 1 point to 49. The part of the index measuring traffic at model homes from potential buyers gained one point to reach 37.