NAHB homebuilder sentiment unchanged for a third month in April

US housebuilders’ sentiment was unchanged for a third consecutive month in April, according to a widely-followed gauge of confidence in the sector.

The National Association of Home Builders’ index of confidence in the market for newly-built single-family homes was unchanged at a reading of 58.0 in April.

“Builder confidence has held firm at 58 for three consecutive months, showing that the single-family housing sector continues to recover at a slow but consistent pace. As we enter the spring home buying season, we should see the market move forward,” said NAHB chairman Ed Brady.

“Builders remain cautiously optimistic about construction growth in 2016. Solid job creation and low mortgage interest rates will sustain continued gains in the single-family housing market in the months ahead,” chipped in NAHB Chief Economist Robert Dietz.

A barometer for sales expectations over the coming six months edged higher by one point to 62.0, alongside an identical gain in a sub-index linked to buyer traffic, which hit 44.0.

Offsetting the above, a gauge tracking current sales conditions dropped two points to 63.0.

According to three-month moving averages, sales dipped in all four main geographical regions, led by declines in the Northeast and West.