Home builder confidence holds steady in March

Home builder confidence holds steady in March

Home builder confidence held steady in March as the sector continues facing a shortage of workers and available lots. 

The National Association of Home Builders said Tuesday that its index was unchanged at 58 for newly built single-family homes.

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NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill., said the index reflects a market that is making "slow but steady progress."  

"However, builders continue to report problems regarding a shortage of lots and labor," Brady said. 

Builder sentiment has been flat over the past few months but the combination of an expanding labor market, low mortgage rates and the availability of more credit for purchases is boosting builders' moods.

The index component gauging current sales conditions held steady at 65 in March while the index measuring sales expectations in the next six months fell three points to 61. The component charting buyer traffic rose four points to 43.

Regionally, results were mixed across the four areas. 

The Midwest registered a one-point gain to 58 ,while the South was unchanged at 59. The West posted a three-point decline to 69 while the Northeast fell one point to 46.