<![CDATA[The National Association of Home Builders (NAHB) Wells Fargo Housing Market Index (HMI) report for April shows that builder confidence slipped by two points to a rating of 42 from the March reading of 44. The Housing Market Index (HMI) measures home builder confidence in market conditions for newly built single family homes. A reading of more than 50 indicates better than average confidence, while readings below 50 indicate that home builders have concerns about current market conditions. NAHB Housing Market Index Results For April Home builders expressed concern over a gap between a growing demand for homes and builders\’ ability to meet the demand for new homes as housing market conditions improve. Top concerns cited by home builders surveyed include:
- Availability of construction credit
- Construction costs rising faster than home values
- Restrictive mortgage lending rules impacting would-be home buyers
- Northeast: The reading of 38 is unchanged from March.
- Midwest: The reading declined by two points to 45.
- South: April\’s reading declined by four points to 42
- West: April\’s reading declined by three points to 55, but remains in positive territory.