Builder confidence declines two points in March

Builder confidence in the market for newly built, single-family homes declined to 15 in March, two points lower compared with February, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The component gauging home sales expectations for the next six months decreased three points in March to 24, compared with February.

The component gauging traffic of prospective buyers declined two points to 10, according to the report. Regionally, the HMI results were mixed in March with the West, which includes California, posting a one-point gain to 15.