Financial News: U.S. Homebuilder Confidence Improves Modestly In March

U.S. Homebuilder Confidence Improves Modestly In March

(RTTNews) - The National Association of Home Builders released a report on Monday showing a modest improvement in U.S. homebuilder confidence in the month of March.

The report said the NAHB/Wells Fargo Housing Market Index inched up to 38 in March from an upwardly revised 37 in February.

Economists had expected the housing market index to tick up to 37 from the 36 originally reported for the previous month.

"Affordability for buyers and builders remains a top concern," said NAHB Chairman Bill Owens. "Many buyers remain on the fence waiting for lower interest rates and due to economic uncertainty."

He added, "Builders are facing elevated land, labor and construction costs and nearly two-thirds continue to offer sales incentives in a bid to firm up the market."

The uptick by the headline index came as the index charting traffic of prospective buyers climbed to 25 in March from 22 in February.

The index measuring future sales also rose to 49 in March from 47 in February, while the index gauging current sales conditions crept up to 42 in March from 41 in February.

The NAHB said the latest HMI survey also revealed that 37 percent of builders cut prices in March, up slightly from 36 percent in February. The average price reduction remained stable at 6 percent.

The use of sales incentives was 64 percent in March, down one percentage point from February, but still marking the 12th consecutive month this share has exceeded 60 percent, the NAHB said.

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