Builders appear to be maintaining their confidence in the single-family homes market, according to the newest NAHB survey.
For April, the association’s Housing Market Index stood at 47 on a 100-point scale. The figure is one point higher than the downward revised March figure.
"Builder confidence has been in a holding pattern the past three months," said National Association of Home Builders Chairman Kevin Kelly, a home builder and developer from Wilmington, Del. "Looking ahead, as the spring home buying season gets into full swing and demand increases, builders are expecting sales prospects to improve in the months ahead."
David Crowe, the association’s chief economist, said the housing market’s foundations remain strong.
"Job growth is proceeding at a solid pace, mortgage interest rates remain historically low and home prices are affordable," Crowe said. "While these factors point to a gradual improvement in housing demand, headwinds that are holding up a more robust recovery include ongoing tight credit conditions for home buyers and the fact that builders in many markets are facing a limited availability of lots and labor."