Builder Confidence For New Single-Family Homes Slips

Builder confidence in the market for new single-family homes edged downward in June but remained well above June 2003 when mortgage interest rates were at their lowest in nearly half a century, according to the National Association of Home Builders’ latest Housing Market Index (HMI). The HMI declined a marginal two points to 67 in June, which is five points ahead of its 62 reading in June 2003.

The HMI is derived from a monthly survey of builders. The HMI component index gauging current sales of new single-family homes barely budged in June, scoring a one-point decline to a very healthy 73.