Builder confidence in the new single-family home markets stands steady at 60 in January, according to the National Association of Home Builders/Wells Fargo Housing Market index released on Tuesday. December's reading was downwardly revised to 60. NAHB economist Robert Dietz explains the dynamic behind the numbers. Dietz writes,
"The January HMI reading is in line with NAHB’s forecast of modest growth for housing. NAHB expects growth in 2016 for the single-family, multifamily, and remodeling sectors of the residential construction industry as continued job growth supports demand for housing."
NAHB has been conducting the monthly survey for 30 years, which asks builders to rate traffic of prospective buyers. Scores over 50 indicate a more positive than negative perspective of builders in terms of future housing conditions.