Home builder confidence in the newly-built, single-family housing market remains high. In March, for the second consecutive month, the National Association of Homebuilders reports the Housing Market Index at 28 -- a doubling of the reading from just 6 months ago and, along with last month, the highest HMI value since June 2007. When home builder confidence reads 50 or better, it reflects favorable builder conditions in the single-family, new home market. Readings below 50 suggest unfavorable builder conditions. The HMI itself is a composite reading. It's the result of three separate surveys sent to home builders by the trade association. The NAHB asks builders to report on their current single-family home sales volume; their projected single-family home sales volume for the next 6 months; and, their current buyer "foot traffic". Approximately 400 surveys are returned each month. The results are compiled into the NAHB Housing Market Index. In March, home builders provided mixed replies to the survey questions :
- Current Single-Family Sales : 29 (-1 from February)
- Projected Single-Family Sales : 36 (+2 from February)
- Buyer Foot Traffic : 22 (Unchanged from February)