Phoenix Area Home Builders Remain Optimistic
A monthly survey of builder sentiment held steady in January. The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) stands at 60, in positive territory, and well above 50 which is the line between positive and negative sentiment.
Current sales condition rose two points to 67 in January. The index measuring sales expectations in the next six months fell three points to 63, and the index measuring buyer traffic dropped two points to 44. Buyer traffic has yet to break out of negative territory.
"January's HMI reading is right in line with our forecast of modest growth for housing," said NAHB Chief Economist David Crowe. "The economic outlook remains promising, as consumers…