NAHB Housing Survey Remains Unchanged at 15 for August (XHB)
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The National Association of Home Builders/Wells Fargo Housing Market Index for August showed builder confidence in the market for newly-built single-family homes remained at 15.
Only the component gauging current sales conditions and the component gauging traffic of prospect buyers rose during the month. Current sales conditions rose by one point to 16 while the component gauging traffic of prospect buyers increased one point to 13.
The National Association of Home Builders notes the section measuring sales expectations for the next six months fell two points to 19.
The Northeast region posted a four-point gain to 19 while the West reported a one-point gain to 15. The South maintained a reading of 17 and the Midwest region posted a two-point loss to 10.
"The uncertain economic climate and concerns about job security are discouraging many potential buyers from exploring a home purchase at this time," said NAHB Chief Economist David Crowe. "While buying conditions are very favorable in terms of prices, interest rates and selection, consumers are worried about what the future will bring, and builders are echoing those sentiments in their responses to the HMI survey."
The SPDR S&P Homebuilders ETF (NYSE: XHB) rose about 3 percent Monday.
Only the component gauging current sales conditions and the component gauging traffic of prospect buyers rose during the month. Current sales conditions rose by one point to 16 while the component gauging traffic of prospect buyers increased one point to 13.
The National Association of Home Builders notes the section measuring sales expectations for the next six months fell two points to 19.
The Northeast region posted a four-point gain to 19 while the West reported a one-point gain to 15. The South maintained a reading of 17 and the Midwest region posted a two-point loss to 10.
"The uncertain economic climate and concerns about job security are discouraging many potential buyers from exploring a home purchase at this time," said NAHB Chief Economist David Crowe. "While buying conditions are very favorable in terms of prices, interest rates and selection, consumers are worried about what the future will bring, and builders are echoing those sentiments in their responses to the HMI survey."
The SPDR S&P Homebuilders ETF (NYSE: XHB) rose about 3 percent Monday.
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