Washington, DC, United States (4E) – Homebuilder confidence in the U.S. recorded slight increase in April, according to a National Association of Home Builders report released Tuesday.
The NAHB/Wells Fargo Housing Market Index rose to 47 in April from the previous month’s reading that was downwardly revised to 46 in March. Economists predicted the index to reach 49 from the previous month’s original reading of 47.
The modest rise by the index reflects a notable gain by the component that gauges future sales expectations, which climbed to 57 in April from 53 in the prior month.
The component measuring current sales conditions and the component tracking traffic of prospective buyers both stayed flat from March at 51 and 32, respectively.
The three-month moving averages for the housing market index were down in all four regions of the country, the NAHB said.
The Midwest fell four points to 49 and the West declined nine points to 51. Meanwhile, the Northeast dropped to 33 points and the South slid to 47 points.
Economists forecast housing starts to reach an annual rate of 973,000 in March, compared with 907,000 in the previous month. Building permits are predicted to decline to 1.008 million from 1.018 million.