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The National Association of Home Builders released their Housing Market Index Tuesday, reflecting a 10 point decline to 46. The index measures builder confidence in newly built, single family homes based on current home sales. It was the first time since May of 2013 that the index measured below 50, the neutral point between a market that is viewed as either good or bad. Observed traffic of prospective home buyers fared even worse over the month, falling 9 points to 31.
All four regions measured by NAHB reported declines in confidence. Losses ranged from 7 points down to 46 in the South, and a 14 point loss to 57 in the West. Poor weather, combined with existing credit and labor concerns, were all factors in bringing homebuilder confidence down this month to its lowest level in the better part of a year.
HomeSteps, the real estate sales division of Freddie Mac, announced it is offering cash incentives to real estate agents who list or sell HomeSteps homes in 23 states. Real estate agents will receive a $1,000 incentive and listing agents a $500 bonus when they complete sales of HomeSteps homes. The promotion extends to homebuyers, offering $500 that can be used towards condominium association dues, flood insurance premiums, or a home warranty.
