Home builder confidence fell slightly in June to a reading of 59 according to the National Association of Home Builders Housing Market Index. Analysts had expected no change to June’s reading of 60. June components of the HMI were also lower. Builder confidence in current market conditions dropped by one point to 63; builder confidence in market conditions over the next six months fell three points to a reading of 66. The reading for foot traffic in new single-family developments dropped one point to 55. Readings over 50 indicate that more builders than fewer are confident about housing market conditions.
The housing market recovery stalled last month. At least temporarily.
Home resales rose 4 percent last month, according to the March Existing Home Sales report. A total of 5.1 million homes were sold on an annualized, seasonally-adjusted basis.
Existing Home Sales fell 10 percent last month, according to a report from the National Association of REALTORSÂ®.