Optimism among builders slides for fourth consecutive month
NEW YORK — Homebuilder confidence slid for the fourth consecutive month with steadily rising mortgage rates and sky-high home prices putting ownership out of reach for more and more Americans.
The National Association of Home Builders/Wells Fargo builder sentiment index for April, released Monday, fell one point to 69. Any reading above 50 indicates more builders see sales conditions as good rather than poor, but it’s the most extended decline since the run-up to the housing bust.
The index has been above 60 since September 2016 and it hit a record high in December. April’s reading is the lowest since November.
Builders’ view of current sales conditions fell two points to 75, the outlook for sales over the next six months fell one point, to 77. A measure of buyer traffic held steady at 51.