The National Association of Home Builders [NAHB] reports that U.S. builder confidence in the market for newly built single-family homes remained unchanged at 13 in September, after falling to 13 in August.
Analysts had expected the NAHB housing market index [HMI] to rise to 14 this month.
NAHB: “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), released today.
“In general, builders haven’t seen any reason for improved optimism in market conditions over the past month,” noted NAHB Chairman Bob Jones, a home builder from Bloomfield Hills, Mich. “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.”
“The stall in the nation’s housing market continues,” agreed NAHB Chief Economist David Crowe. “Builders report that the two leading obstacles to new-home sales right now are consumer reluctance in the face of the poor job market and the large number of foreclosed properties for sale.”