The April NAHB housing market index, a gauge of homebuilder confidence, missed expectations coming in at 47.
This was up from a revised reading of 46 in March, and below expectations for 49.
A reading over 50 shows that more builders view conditions as good than poor.
The brutal winter and concerns about the cost and availability of labour and lots have been blamed for the softness in the HMI recently.
Bloomberg economist Michael McDonough tweeted this chart showing the trajectory of homebuilder confidence:
Here’s his chart showing the regional breakdown of homebuilder confidence has been rising in Northeast and declining in the west.